Soft search Vs Hard search query?

poppy1010

Eeeeek :-/ I am so worried, I find this very stressful.
I hope all will be ok, thank you.

When he does the full application, does it get referred to an underwriter or does the 'computer say yes or no'?? i've read about people paying for valuations on the house straight away, to then get declined full application later on. Seems a bit odd way round?

kingstreet

If you submit a full application with recent adverse credit, it may be referred to a business assessor and/or credit decisioning.

Manual credit checks are carried out with the other CRAs to establish the extent of the bad credit history and a proceed or decline decision made.

FWIW we have never had a DIP pass turn into a full app decline, but we have had two or three cases pass both and then be declined following referral to credit decisioning where undisclosed adverse was revealed. As a broker, if "valuer instructed" isn't the post-submission message you do wonder what's next.

This is a lender very, very difficult to second-guess. Cases you think will fail, pass and cases you see no issues, fail.

poppy1010

Kingstreet many thanks.

I have checked Experian and Equifax. I know scores mean nothing, but I guess they give me as an individual some basis to go on. On Experian i'm 'Excellent' with 997 or something. With Equifax i'm 'good' with 425. Both deemed as good scores and low risk bla bla.

Ok thanks that's useful to know. We have not hidden anything, so they won't find anything else other than my two defaults (which box was ticked for on DIP application). My partner has perfect credit.

So it sounds like it is highly likely to get accepted at full application then? but maybe declined after that stage, is this when they look at % rates etc manually? do they always look manually at applications after the full application computer says yes stage then?

libf

Just wait and see what happens. If something comes up, deal with it then. No one can predict the outcome for you, and if your broker is any good then he shouldn't have placed it somewhere he wasn't confident about.