Which lenders do soft search DIP

Hi there

I'm just wondering if anybody can provide details of which lenders carry out soft searches when doing a Decision in Principle.

I understand of the big lenders Halifax does, but not many others.

Which lenders are known to do soft searches?

Many thanks
J
«1

Replies

  • kingstreetkingstreet Forumite
    37K Posts
    Tenth Anniversary 10,000 Posts Name Dropper Photogenic
    ✭✭✭✭✭
    As a full/hard search is done at full application, what benefit do you derive from a soft search DIP?

    It's about as much use as the proverbial chocolate fireguard.

    Every time I hit submit on a Halifax full application, I cross my fingers and hope for the best that our decision in principle was actually worth something...
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • ACGACG Forumite
    21.7K Posts
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    ✭✭✭✭✭
    Completely agree, decisions in principle are not exactly cast iron guarantees of a mortgage offer. Soft footprint decisions in principle are worth much less.

    I wouldnt rely on either personally.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • edited 31 January 2015 at 6:32PM
    amnblogamnblog Forumite
    12K Posts
    Eighth Anniversary 10,000 Posts Name Dropper Photogenic
    ✭✭✭✭✭
    edited 31 January 2015 at 6:32PM
    Why do you ask Wisdom?
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • MJP43MJP43 Forumite
    61 Posts
    Talking as a punter and not a broker it is a reasonable question.

    A soft search doesn't guarantee acceptance granted, but if it's a decline better to find out via a soft search without wasting a footprint.

    As a trade credit risk professional I find the notion that searches affect a score ludicrous other than in extreme cases by the way
  • amnblogamnblog Forumite
    12K Posts
    Eighth Anniversary 10,000 Posts Name Dropper Photogenic
    ✭✭✭✭✭
    Surely a look at the credit files would be a better way to pre-empt a decline?
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • MJP43MJP43 Forumite
    61 Posts
    That's where you fellows come in.

    But even kingstreet, who is clearly a very fine bloke and very good broker says he keeps his fingers crossed when submitting an application.

    An analogy. 10 doors. 3 keys. Behind those 10 doors are lenders. 2 of those 10 would lend. The applicant only has 3 chances to open the right door. Otherwise he is struck out by everybody.

    As the industry is very selective why should somebody be penalised for trying to buy a product but then get refused?
  • ACGACG Forumite
    21.7K Posts
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    ✭✭✭✭✭
    I dont think he means he submits an application on a punt... I certainly hope not, otherwise I will be having a wod with Jo :P

    1 credit search is very very unlikely to make a difference one way or the other. Chances of 2 making a difference is pretty slim also, but beyond that when I used to work for a bank, they used to say it just looks like you are desperate for money and rather than actually getting the right product for your circumstances you are just being reckless and applying blindly.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • MJP43MJP43 Forumite
    61 Posts
    How confident can you be just by looking at the credit files assuming you have verified income?

    Percentage game or generally pretty spot on?
  • ACGACG Forumite
    21.7K Posts
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    ✭✭✭✭✭
    I can only think of 2 recently where I have looked at the reports and they have declined - 1 was because something wasnt showing on the report and the clients never mentioned it to me, the other was just a borderline case.

    Were never going to be 100% but I would like to think we have a pretty good idea of whether it will fit or not.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • MJP43MJP43 Forumite
    61 Posts
    Thanks mate.

    Very useful as always.
This discussion has been closed.
Latest News and Guides