Decision in Principle?

cty_2

Hi everyone,

Im very new to the mortgage world & wondered if anyone could help me with the following question/concern...

I'm looking for a mortgage at present & have found one I'd like to apply for, but they said I have to do a DIP with them for me to get the quote & decide if i want to proceed or leave it.

If I do this & go ahead with the DIP will it affect me in the future?

1. If I got the quote from the DIP but decided it wasnt for me does this affect my credit rating and affect my future chances of getting a mortgage with another lender?
2. If I got the quote from the DIP and the told me I wasnt applicable/they wont lend to me, does this affect my credit rating and affect my future chances of getting a mortgage with another lender?

Any help/advice would be great!

Thanks CTY

Peter_L

Assuming that the DIP will involve a credit search as most do (although if you request a 'soft search' based on affordability before a full search is carried out in which case no 'footprint' on your credit file will be left) then this will be recorded on your credit file. Whilst a couple of these on your credit file is harmless, more than this and it WILL affect your credit rating as lenders will want to know why you have so many searches recorded against you. If you have applied say 3 times then best to leave a minimum gap of 6 months before applying again. That applies to ALL credit applications and not just mortgages.