Large mortgage, and Credit Search for application?

louisdog

Hi

We are wanting to borrow a large amount of money and I think that IF or Abbey might be our best bets. The LTV is only 50% and we have no other debts. Does this sound feasible, and does anyone know any other companies who might consider us favourably?

I want to phone IF and Abbey and get an illustration and a figure they think they could lend, but I am scared to because I think it'll involve credit scoring, which might affect our credit rating. Does anyone know if they do proper searches or just soft / invisible / no footprint ones?

Thanks for any help anyone can offer! :-)

Mr_helpful

There are probably quite a few lenders who could help. I often use BM Solutions or halifax for AIP as its a soft credit search.

louisdog

Thanks - but Halifax don't seem to lend as much as we'd need, based on the "How much can I borrow" thingy on their site - or might they go higher than that?

Cheers

herbiesjp

You can ask lenders for an illustration and it should not involve credit scoring if you specifically ask them NOT to credit score at this stage.

This way you can get the figures and get a feel for what your affordability will be

louisdog

Thanks, I have already had a few quotes and illustrations. The trouble is that they don't really tell me whether the company will actually lend us that amount, that's why I think I need an AIP. But I didn't want to ask too many companies and end up messing up our credit scores with all the searches.

apk1

The " "How much can I borrow" thingy " is only a guide, they will probably look outside of standard multiples, particularly as you have a low loan to value as you do.

louisdog

Thanks, that sounds quite hopeful then. :-) Are any lenders more lenient than others in this regard? It's good to hear that our low LTV should help us.

herbiesjp

Agreed - with that loan to value, I think you will find quite a few lenders to choose from as long as you have a good credit history in order to get the best rates out there