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How many mortgages in principle?
Milky_Mocha
Posts: 1,066 Forumite
Hello
I will soon be in the process of buying a house and I obtained a mortgage in principle in November which would have expired on 22nd of this month (Jan 07). However I went back to them for a higher mortgage in principle, which they granted just before Christmas and is valid for 90 days.
Due to the high fees charged by the lender I've decided to get a mortgage in principle from a second lender. The rate is slightly higher but the arrangement fees are about a quarter. My question is, how do you think this will affect my credit rating? i.e. 3 AIPs in as many months? The broker for the 1st lender told me that they use a soft search in generating the AIP which does not leave footprints. I've checked my Experian record and there is indeed no trace. However I'm concerned that a third AIP might cause some problems.
Has anyone here obtained 3 or more AIPs and had them go through successfully?
I will soon be in the process of buying a house and I obtained a mortgage in principle in November which would have expired on 22nd of this month (Jan 07). However I went back to them for a higher mortgage in principle, which they granted just before Christmas and is valid for 90 days.
Due to the high fees charged by the lender I've decided to get a mortgage in principle from a second lender. The rate is slightly higher but the arrangement fees are about a quarter. My question is, how do you think this will affect my credit rating? i.e. 3 AIPs in as many months? The broker for the 1st lender told me that they use a soft search in generating the AIP which does not leave footprints. I've checked my Experian record and there is indeed no trace. However I'm concerned that a third AIP might cause some problems.
Has anyone here obtained 3 or more AIPs and had them go through successfully?
The reason people don't move right down inside the carriage is that there's nothing to hold onto when you're in the middle.
0
Comments
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You should be fine with the 3 AIPs, more so as one appears to be a soft credit searchI 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 advice.0
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