Multiple mortgage applications

csq

Hi, my wife and I have been working on our credit score for a couple of years to ensure that we can get the best first buyer mortgage when the time comes. Unfortunately in the recent month we have been declined for two best deals on the market because she changed jobs in June. We now want to wait until she finishes her probation period and try again.

The question is - how soon do you think we can apply again? As said - I believe we have only two footprints on our credit score so far. We want to make one application 28th August (as our second best, fall-back option), and another one on 10th September (for the best mortgage, when her probation period ends). That would be four applications in total, is this enough for the last one to be refused because of multiple applications? I just want to have two offers on the table at the same time, to chose the best one (hopefully the latter one).

I really believe our credit scores have been squeaky clean before the recent two applications (she checked with a credit score company, whilst with mine there was no problems when applying).

Thank you.

harvey115

If you have already found your dream house and you are happy to buy that, you need to stop damaging your credit history.

You need a broker rather then a new application. Two refusal should be enough for you to understand you may not come in the standard criteria of a lender. So, I would suggest you get a broker and apply for only one best deal available through them.

Hope this helps.

kingstreet

Who have you applied to so far?

Halifax and Nationwide both accept borrowers in a probationary period.

Different lenders have different scoring systems. We can't tell you what date might make you successful with any lender, to be honest.

csq

harvey115 wrote: »

If you have already found your dream house and you are happy to buy that, you need to stop damaging your credit history.

You need a broker rather then a new application. Two refusal should be enough for you to understand you may not come in the standard criteria of a lender. So, I would suggest you get a broker and apply for only one best deal available through them.

Hope this helps.

The only reason why we didn't come in the standard is because my wife is in a probationary period. We didn't work for years on our credit score just to have to settle for a third rate mortgage, which could set us £120 worse off every month for five years. I'd rather wait, no matter how much I love the place.

Natwest, hands down best rate, is not available through brokers.

csq

kingstreet wrote: »

Who have you applied to so far?

Halifax and Nationwide both accept borrowers in a probationary period.

Different lenders have different scoring systems. We can't tell you what date might make you successful with any lender, to be honest.

We tried with Natwest but when they heard that my wife is on the probationary period, they stopped us then and there.
We then tried with Santander who initially acknowledged us in principle, only to refuse three weeks later, when they saw that my wife was on a emergency tax code in her new job. They said they can't accept that. The code will be sorted on next payslip.

Natwest has hands down best newbuy rates on the market. We don't want to be omitted for them just because they wife is on the probationary period.

kingstreet

So it's a newbuy case?

You're a bit limited then.

If you have your colours nailed to the NatWest mast, you'd better ask them for advice on this issue. All we can do here is generalise/speculate and that's pointless.

csq

kingstreet wrote: »

So it's a newbuy case?

You're a bit limited then.

If you have your colours nailed to the NatWest mast, you'd better ask them for advice on this issue. All we can do here is generalise/speculate and that's pointless.

Yes, Newbuy. It's Natwest, Santander, and Nationwide in terms of preference.

Thank you for your help so far, however I would appreciate if you could advise, how many application can one do in a space of 2 months, without affecting the credit score too badly. There will be space of two weeks between them all. Do you think that's bad? Many thanks.

kingstreet

csq wrote: »

how many application can one do in a space of 2 months, without affecting the credit score too badly

It's impossible to say.

As I said in my first post in this thread, you are dealing with credit scoring lenders and their black boxes say yay or nay as they see fit.

Searches remain on file and visible to a lender for a year, so all I would guarantee is they won't have any impact after that...