We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Nationwide Agreement in Principle
wpearson92
Posts: 46 Forumite
Hi all,
Im a first time buyer and Ive recently made contact with a broker around a mortgage application.
I dont have a squeeky clean credit file so I dont have a chance at a 5% mortgage so Ive been told i'd need a 10% deposit which is no problem I should have that saved in the next 3 months.
So im looking at an house at £100,000 and I earn £40,000 a year before tax.
My point in posting on this board is, are the Nationwide searches on your report hard or soft, because there is a chance I may not be able to save up the 10k before the 90 days of agreement in principle running out. I also dont want to be stuck at looking for an house for 3 months, If I dont see one that I want in them 3 months I assume another check would need doing on my report to get an agreement in principle again.
Would these 2 searches recently on my file affect me when I find the house that I want?
Im a first time buyer and Ive recently made contact with a broker around a mortgage application.
I dont have a squeeky clean credit file so I dont have a chance at a 5% mortgage so Ive been told i'd need a 10% deposit which is no problem I should have that saved in the next 3 months.
So im looking at an house at £100,000 and I earn £40,000 a year before tax.
My point in posting on this board is, are the Nationwide searches on your report hard or soft, because there is a chance I may not be able to save up the 10k before the 90 days of agreement in principle running out. I also dont want to be stuck at looking for an house for 3 months, If I dont see one that I want in them 3 months I assume another check would need doing on my report to get an agreement in principle again.
Would these 2 searches recently on my file affect me when I find the house that I want?
Save 12k in 2015 number 218: £5440/£17000 -
House deposit savings: £13,440/£16,5000
Car Finance: £12,900/£17,000 (£284 a month)
House deposit savings: £13,440/£16,5000
Car Finance: £12,900/£17,000 (£284 a month)
0
Comments
-
Hard.
Don't know enough about you and your credit history to know if two searches will have a material impact.
Borderline case could be tipped from pass to refer, or fail. Normal case may be unaffected.
Ask your broker's opinion.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.0 -
Ah right sorry, my broker has tagged me as mild level adverse credit. Basically I didnt pay my overdraft off when I switched banks, I set up a repayment plan on this thinking it wouldnt affect my credit report. This
was then settled in full when I checked my report. The sum was £414.
Apart from this my file is squeeky clean, credit card paid off in full every month, car finance with £13,000 left on with payments of 285.
With no other debts etc...
I have emailed my broker and just wanted to see if the searches done on a decision in principle is a soft search or an hard search.Save 12k in 2015 number 218: £5440/£17000 -
House deposit savings: £13,440/£16,5000
Car Finance: £12,900/£17,000 (£284 a month)0 -
Don't try and do your brokers job and worry about issues that should be his/her problem.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.0 -
I must admit your advice seems the best amnblog and I should I just cant help but think of the possible issues of a mortgage, Im a perfectionist... He's more qualified than me so I must trust his judgementSave 12k in 2015 number 218: £5440/£17000 -
House deposit savings: £13,440/£16,5000
Car Finance: £12,900/£17,000 (£284 a month)0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.3K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.7K Spending & Discounts
- 244.2K Work, Benefits & Business
- 599.4K Mortgages, Homes & Bills
- 177.1K Life & Family
- 257.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards