Too many credit check? Mortgage advise

sam2015_2

Hi All,
My mortgage broker done 4 AIPs and one mortgage application so far. One AIP and mortgage application for the remortgage - that's fine.
He has done another 3 or 4 AIP to see whether I can afford the mortgage with various lenders. I'm very tight on affordability. According to the broker those AIP checks leave hard print on my credit history. All of those checks were done within few days.

I spoke to another mortgage broker who promised me a better rate and more borrowing (15k more).
Should I go with the second broker and do more credit check and find out whether he can actually offer more?
Or
Would more credit check ruin the mortgage application?

How many credit checks ruin could ruin the mortgage application.

Any advise please.

Thanks.

ACG

Why has your original broker done 4 AIPs!!! Lenders have affordability calculators which are very accurate! Hes caused himself more work and done you a diservice. Thats very poor.

Who were the lenders? Hopefully some may have been soft footprints (where only you and the lender in question can see them).

betmunch

Cant say about the second broker. But the first sounds terrible!
You dont need to do an AIP to see what a lender will offer, thats what the affordability calculators are for.

sam2015_2

Something to do with my credit card balances. I've few balance transfer on my credit cards which I'd pay off with my savings (I can give proof of my savings). Apparently, the affordability calculator makes it into account that the credit cards will have zero balances but when it comes to AIPs it does not(take the credit card balances into account) hence the borrowing amount goes down. Could that be true?

Well, what's done is done and I'd like make decision on how to move forward.

amnblog

I can see this must be confusing and troubling for you.

The actions of your first broker are puzzling to the professionals on here and the second broker has yet another view.

Do not allow any further credit scores until you are presented with a suitable solution with lending you can work with.

It sounds like you are remortgaging in order to buy again and that can often lead to two scores in any case.

sam2015_2

Thanks all for your replies.
I asked to put everything on hold(hopefully no more AIPs done), that was last week. The broker is away till end of next week. It is going to be a stressful wait.

The AIPs were done on Barclays, Natwest, platform(co-op bank) and possibly Santander.
How can I find out which one leaves foot print and which one doesn't? Does anybody here know?
I was told by him that all the above leave foot print.

ACG

They all do - although Natwest is 50/50 depending on how it was done.

That broker needs reporting to their boss or compliance people.

amnblog

How do these brokers work without cover for when they are on holiday?

King_Slayer

Cannot understand why your broker would do 4 AIPs, would've imagined that he/she would've been able to recognise which lender would be more suitable for your circumstances.

I had applied independently for an AIP with Halifax which was approved. I later decided to use Nationwide (better rate) and had a pre arranged appointment booked. I then decided to use a broker (due to time as me and my husband both travel due to work commitments) and as soon as we were advised that they would still be required to do an AIP, I immediately cancelled my appointment and went with the Broker to eliminate having numerous searches on my report.

In answer to your question - during our inItial AIP application, we were advised that applying for numerous AIP can affect your credit.

I've heard stories that initially made me hesitatant to use a broker, but it was worth it for us. I hope you manage to find a suitable lender.

sam2015_2

ACG wrote: »

They all do - although Natwest is 50/50 depending on how it was done.

That broker needs reporting to their boss or compliance people.

Thanks for your e-mail. I'll ask the broker about the Natwest AIP.
How can I report the broker, I stupidly agreed to all the AIPs.......(due to the wrong advise given by him) but would it be worth reporting him though?