Mortgage in principle credit searches

kingstreet

droiderm wrote: »

I have tried to look at this in the past , but does anyone actually know what information can be seen on a soft search ?

By whom?

The applicant can see the search, but it isn't visible to lenders or other institutions doing a full credit search later.

droiderm

By the lender. What actually can they see in your credit file to base any decision on ?

kingstreet

Electoral roll data.

Public record information, such as court judgments, bankruptcies.

CIFAS anti-fraud entries.

Full credit searches in the last twelve months.

Alias and Association information.

Account conduct and payment records, defaults.

Payment arrangements and IVAs.

There might be more, I can't remember.

koexelek

kingstreet wrote: »

Before undertaking an AIP, a broker should tell you that a search will be carried out, be visible to lenders searching you in future for upto twelve months.

Try to have only one carried out before submitting a full application.

In my experience, if having an AIP, a full application within a few days, based on the same information with no increase in borrowing, should not require another search. It does vary from lender to lender though.

Most of us old timers who have been in the game for years will usually know whether an application is going to pass or not.
As long as credit history is good and all lending criteria appears to fit, it will usually just come down to affordability.
Most lenders now have an on line affordability calculator which will give a fairly accurate indication of what someone can borrow ( based on their income and expenditure) without the need to credit score them and leave an unnecessary footprint.

kingstreet

Absolutely.

I'm usually only surprised where the answer reveals something I wasn't aware of, such as adverse, or undisclosed credit.

mjb1974

kingstreet wrote: »

Not sure.

There will be a "use by" date on the AIP and once it goes stale, a new search is needed.

The last one I have on file says it's valid for 90 days.

Yes this is the same, full application will go in well within this 90 day period though.

Morn

Wow I go away for an entire day and come back to all those posts.

Thanks for the comments - I think that the search that was done by the building society was a full search (does not say otherwise). It's just a shame that I have been screwed by the builders with a completion date later than an official mortgage offer would last.

Oh well, more than one search for me I guess.

Thanks again for the comments.