Mortgage searches / credit scoring

lowis

I am looking for a mortgage and have been filling in forms etc on various lenders sites in order to obtain mostly full KFIs or in a couple of cases an Agreement in Principal. I have also asked London & Country to have a search for me...then it occured to me...am i doing my credit score harm by taking this approach?

rhino_2

I am also currently trying to find a mortgage and Yes the more mortgages you apply for the more footprints you are leaving on your credit file. My Advice would be (as it has worked for me) is to find a 'whole of market' mortgage advisor and get them to search for the best deal for you available.

Then before applying for the mortgage in principle apply for your own credit file from experian or whoever the mortgage company you are applying to uses then get your mortgage advisor to negotiate direct with the mortgage company with your credit file in hand.

The service the mortgage advisor gives you should not cost you a penny. The advisor will recieve commission for the sale.

Im No Expert but I nearly fell into the same trap and found this a good route. Hope It Helps.

herbiesjp

rhino wrote:

I am also currently trying to find a mortgage and Yes the more mortgages you apply for the more footprints you are leaving on your credit file. My Advice would be (as it has worked for me) is to find a 'whole of market' mortgage advisor and get them to search for the best deal for you available.

Then before applying for the mortgage in principle apply for your own credit file from experian or whoever the mortgage company you are applying to uses then get your mortgage advisor to negotiate direct with the mortgage company with your credit file in hand.

The service the mortgage advisor gives you should not cost you a penny. The advisor will recieve commission for the sale.

Im No Expert but I nearly fell into the same trap and found this a good route. Hope It Helps.

Agreed - there is no reason to apply to every lender. You only need to apply to the best lender for your situation. Talking to a whole of market mortgage adviser will indeed make it easier as they will be able to find the lender that best suits your needs.

Careful_girl

I have used the searches lots (I seem to buy a new house every 2 years) and I have found them very helpful. Martin describes it all on the site and I tried them all!!!! I remortgaged very easily with them and it didn't cost a thing. Some take longer than others and some require registering and more details than others. As I say I certainly found them useful and didn't want to apply until I was sure that I had chosen the best deal for me. However I was asking for a very high salary multiple (nearly 5 times). This was because my salary is increasing and my husband is out of work currently. I wanted to see what the most was that I could borrow. I did the search on numerous occasions to help with my budget planning and comparing how much different properties would cost me. When I was sure I clicked the apply button and expected to do just that. I filled in more forms (same info) and was then told I would be 'phoned. This broker informed me that I could not have the mortgage I wanted but suggested another. After a weeks giving the same information and copious phone calls on my mobile, he said there wasno chance of me getting a mortgage anyway near the amount I wanted.
So I have asked a friendly broker to help me. So far awaiting a decision...

I still believe though the search engines are a mine of information and can be helpful, but seem to give out some illustrations which are misleading. Also I have been informed that they pass on your information to the highest bidding broker.

Good luck!!:A