Credit searches

rising_from_the_ashes

My mortgage deal about to run out and I'm about to have a hunt around for the best deal.

I may be speaking to several companies before I decide on the best one for me ... obviously I don't want them all running credit searches (proof of ID is fine but loads for a full mortgage amount won't look good) apart from the one I eventually decide on.

Do they have to ask my permission to do a search?

TIA

qpop

Simply, yes.

A decision in principle (DIP) should be obtainable with no credit searches, other than perhaps an anti money laundering/address verification footprint. This should purely be based on household income vs household outgoings.

The thing is, there's no point speaking to companies, just check their rates online. Most will have a "how much can I borrow?" calculator, which basically gives you broadly the same answer that their DIP will give.

In my experience of two years working in mortgage underwriting, the credit scoring system left a footprint, and we would do subsequent "forensic" searches during the underwriting process, but we would select administrative review (i.e. not leave a credit searching footprint).

DebtFree2012

I believe if you are just getting a quote they may only do a check to prove you are who you say - which doesn't affect your rating as far as I am aware.

Once you complete an application form then the searches will take place.

rising_from_the_ashes

Fantastic! Thanks.