Mortgage in principle moron - too many searches

amii1989

So I've massively messed up on my mortgage search... Last weekend I approached four lenders online for a mortgage in principle (one I approached three times for different amount), which I have today found out are now listed on my credit history as a search. Call it first buyer naivety, I had no idea of the gravity of this on my chances of an actual application.

Has anyone else been in this situation, and did you manage to argue your case with the lender? I never intended on borrowing the credit searched for and had no idea that it would register so seriously.

For background, I'm putting down a deposit of £35,000 on a £135,000 property (75% LTPP) with a pre-tax salary of £22,000.

Desperately trying not to worry about my stupidity, but it's been a day of tears and moderate terror....

gazter

amii1989 wrote: »

So I've massively messed up on my mortgage search... Last weekend I approached four lenders online for a mortgage in principle (one I approached three times for different amount), which I have today found out are now listed on my credit history as a search. Call it first buyer naivety, I had no idea of the gravity of this on my chances of an actual application.

Has anyone else been in this situation, and did you manage to argue your case with the lender? I never intended on borrowing the credit searched for and had no idea that it would register so seriously.

For background, I'm putting down a deposit of £35,000 on a £135,000 property (75% LTPP) with a pre-tax salary of £22,000.

Desperately trying not to worry about my stupidity, but it's been a day of tears and moderate terror....

i think the fingerprint left by a mortgage search isnt too bad. I understand lenders get more fidgety the closer you get to 95% mortgages. You are a long way from that.

ACG

If any of them were with halifax or lenders who do soft footprints dont worry.

If not, then 75% ltv is in your favour but 4 is a fair few. There are lenders who credit check (rather than credit score) so it will not prevent you from getting a mortgage but I would probably stick to whoever you have been with to try and limit anymore checks.

amii1989

ACG wrote: »

If any of them were with halifax or lenders who do soft footprints dont worry.

If not, then 75% ltv is in your favour but 4 is a fair few. There are lenders who credit check (rather than credit score) so it will not prevent you from getting a mortgage but I would probably stick to whoever you have been with to try and limit anymore checks.

This is so reassuring - thank you. Unfortunately the lenders I approached were not the ones which left soft footprints.

However, I'm now using Halifax as my lender so I'll just have to hope they are sympathetic. I'm also now using a broker which I hope will be beneficial.

amii1989

I've now called all the lenders I applied to. It looks like good news, and that it was mainly soft searches conducted. This totally contradicts what Experian is saying, as it was listed on my report as 'mortgage quotation' and didn't include the usual note about this nit being visa.

If anyone in the future is worried, RBS, Halifax, Lloyds and Barclays all do soft searches for agreements in principle.

amnblog

Worth noting Amii that of the lenders listed above, only Halifax (Lloyds ) do a 'soft footprint' search (meaning it only shows on their records).


Both Barclays and Nat West (RBS) do a full footprint.


You have been misinformed.

ACG

Would agree with amn - Barclays is definitely not a soft footprint and I dont believe RBS is either.

Soft footprints will show on your report only. Full footprints will show to everyone.

MJP43

http://personal.natwest.com/personal/mortgages/mortgage-tools/getting-started.html

According to this Natwest do soft searches for AIP?

amnblog

Not the case according to our contacts at Nat West.

ACG

I think natwest have 2 systems. 1 does a full search the other does not... Im sureit was kingstreet I seen mention it.

Im not sure if rbs use the same system as natwest which is why I wasnt sure on their stance. When I worked for rbs (donkeys years ago and in a different department) they did a full credit check.

amnblog

I am querying this now ACG.


I suspect the 'direct AIP' is not properly scored