Online mortgage illustrations via "Apply" button

santana-mx3

Please excuse my ignorance but is it safe to use the forms on lender websites (eg. Nationwide, Woolwich etc) to get an illustration of mortgage costs or does this result in credit searches such that if I try several websites it will have an impact on my credit rating?



I notice for example that on the Nationwide website it mentions that you have to press the “Apply” button to get the personal illustration and I don’t want to do this if it will adversely affect my credit rating. All I want at this stage is some illustrations from different lenders.

santana-mx3

I have found another link within the Nationwide website to get the illustration without pressing Apply. However, my general question still applies for other websites.

dwsjarcmcd

In the main, lenders websites that offer agreements in principle do credit score these 'shortened' applications. In order to be able to provide the decsion, they need to do this. As you have discovered their tends to be more generic sections to lenders sites where you can get an illustration.

I think that you make a fair point about AIP's and people should not complete them unless they have decided they pretty much want to go with that particular lender. They do however, tend to be self regulating because they are so long and tedious to complete

TangentMan

As dwsjarcmcd says, if you are given an agreement of any kind and you have been scored (which normally will be mentioned during the process) then in theory the more scores you have there can be an impact on your credit score. Although unless you are borderline this is more theoretical than anything.

A quote or KFI is not an agreement and therefore you should not be being credit scored. In fact you should not have to give up much personal data for either of the above, since they are both dealing with the loan, not the borrower.

The text on the button is somewhat irrelevant - it is what ever the designer of their website wanted it to say. It could say "Continue" give you an agreement in principle and thus credit score you after all!

But there should be some warning that you are going to be scored if that is the case.