Mortgage credit search question.

triffid123

How long does a mortgage credit search take to show up on your credit file?
I have been accepted for a mortgage yesterday yet there is nothing to show this on both experian and equifax. I know that some credit searches are almost instant, as i have checked before when applying for hp and credit cards, yet nothing is showing for the mortgage i applyed for.

kingstreet

Full application, or agreement in principle?

Lender?

triffid123

In principle i guess, i received a mortgage promise at the end of it. It was from the Halifax
I went through the application process in the branch, and was told this would do a full search of my credit file

kingstreet

A Halifax Mortgage Promise does not carry out a full search at that stage. Therefore, no record of the search will be shown.

At full application, a full "hard" search is done which leaves a footprint.

If you have defaults or other adverse credit at previous address(es) it is possible to pass the Mortgage Promise and be declined at full application.

There have been several threads on here in the last few months questioning the purpose/value of the Halifax MP.

triffid123

So if i passed the soft search, will i pass the hard search if i have not kept any info from them? Do they see the same thing on my credit report? I was 100% upfront with my comitments.

triffid123

also would like to say that there is nothing showing on my soft search (unrecorded enquiry) section of my credit report either

kingstreet

triffid123 wrote: »

So if i passed the soft search, will i pass the hard search if i have not kept any info from them? Do they see the same thing on my credit report? I was 100% upfront with my comitments.

The MP system does not ask you about adverse credit entries such as defaults, judgments or missed/late payments, so your disclosure to the typist was about as much use as...

The only way you know you've passed the full search at full application is to go through the full application process. Don't forget you can fail on property, affordability, in fact any number of other issues which don't come up at MP stage because the information isn't requested then...

triffid123

I dont have any adverse credit entries, defaults, judgments or otherwise, i only needed to tell her of my commitments as thats all i have, i dont miss payments, the only thing that worries me is that i have a loan and credit cards which i have declared to the tune of around 15k total debt all in.

Affordibilty is not an issue, i make a good wage and only 20% of it is used on debt.

kingstreet

You appear to be misunderstanding me.

It is highly likely you will be perfectly fine when you proceed to full application. However, I cannot give you that assurance, nor does the Halifax MP facility.

By posting on this forum, your thread is read by many who will follow you in the future and they may not be in as good a position as you are and may, as a result, believe the Halifax MP somehow means they are guaranteed a mortgage when that is certainly not the case.

Sometimes, one is posting for posterity. Hopefully, that doesn't sound totally pompous!