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Mortgage search has killed credit score
pinkqueen
Posts: 82 Forumite
Hi all
We are FTB and have received a MIP from Abbey. At the time we applied, my credit rating was very good, and my partners fair (no late payments showing on the report). We received the MIP just under 2 weeks ago.
My partner got a text today saying his credit status had changed - we have just checked and the search Abbey/Santander have done has killed his credit score making it now 'very poor', and moving mine to 'good'
I'm going to speak to the mortgage advisor tomorrow when I can anyway, but this is playing on my mind so I wonder if anyone can advise on a couple of things
- We have seen a house we like but will need to borrow slightly (10k) more than the MIP we hold. This is well within our affordability and salary earnings, but will Abbey/Santander have to do another credit check to decide this?
- As it has affected us so badly, I assume this must be a 'full' credit check, or will they do more??
- Out of interest (sorry if this is a daft question), why does it lower a score so much? We have looked and nothing at all has changed.
Any help appreciated on any of the above
Thanks
We are FTB and have received a MIP from Abbey. At the time we applied, my credit rating was very good, and my partners fair (no late payments showing on the report). We received the MIP just under 2 weeks ago.
My partner got a text today saying his credit status had changed - we have just checked and the search Abbey/Santander have done has killed his credit score making it now 'very poor', and moving mine to 'good'
I'm going to speak to the mortgage advisor tomorrow when I can anyway, but this is playing on my mind so I wonder if anyone can advise on a couple of things
- We have seen a house we like but will need to borrow slightly (10k) more than the MIP we hold. This is well within our affordability and salary earnings, but will Abbey/Santander have to do another credit check to decide this?
- As it has affected us so badly, I assume this must be a 'full' credit check, or will they do more??
- Out of interest (sorry if this is a daft question), why does it lower a score so much? We have looked and nothing at all has changed.
Any help appreciated on any of the above
Thanks
0
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