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Online Decision in principle
adamsmt76
Posts: 13 Forumite
We recently completed an online form with Tesco Bank for a mortgage and at the end were declined for a "decision in principle". The decision was instant as soon as I hit submit. It doesn't seem likely that there was time for any sort of credit history check to be done but can anyone confirm whether this has any effect on your credit rating? Many thanks
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Credit checks are done instantly. Check your credit report and it should show if the check was done.I am a Mortgage AdviserYou 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.0
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Check with Tesco. If you did it outside of hours it may be that there was no access to the credit checking system.
Do you have any credit problems? Get copies of your credit files and check they are ok.I am a Mortgage AdviserYou 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.0 -
Hi all, thanks for the replies. Yeah, it was well outside of office hours. We have experian, no credit problems, plenty of room on affordability (even factoring in the most extreme "stress tests" that lenders apply etc.) What we do currently have is a fairly large amount of unsecured debt so that may have been a factor. Anyway, thanks for your help0
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Checked with Tesco and Experian and it was a "Soft check" meaning that Experian see it but no future lender checks would pick it up.0
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