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Agreement in principle
James_N
Posts: 1,090 Forumite
Does having obtained an agreement for a mortgage in principle (and the associated paperwork) create a credit serach (HSBC). If so, is it wise to restrict mortage applications?
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Comments
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AIPs usually leave footrpints, but some leave soft footprints which other lenders cant pick up.
I would say get a copy of your credit file if you have doubts.
The other issue is that HSBC is very tight on approvals at the moment due to their affordability calculations. 30% approval rate I'd heard.
If the credit file is squeeky clean, I would only look to do an AIP once you are certain on a set property rather than just dipping your toe in the water. Always aware that an AIP doesnt mean they will give you a mortgage........just an indication they are willing to conside you further.I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice0 -
When we discussed mortgage and got AIP with HSBC recently, they told me they do a soft search as above. Mind you, getting mortgage offer after that was no where near set in concrete - we had to goto bank 5 times all together before finally getting a yes.0
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