will a mortgage offer effect my chance of getting a new mortgage?

flambo33

HI, We've just pulled out of buying a property due to an unworkable contract. I have to cancel our current mortgage offer and re apply for a new mortgage when we find a new property. I'm curious, what are the chances we wouldn't be accepted the second time around with our circumstances all the same? Will the first offer/application have had a negative effect on us getting an offer second time around?

Thanks

Thrugelmir

Why would changing your mind have a negative impact. That's life.

flambo33

a hefty mark on the credit score maybe, i don't know what effect it has?

David_White

There shouldn't be any negative effect

dgtazzman

No effect, assuming nothing else has changed on your credit file. I've had to put in a few mortgage applications over the last months due to circumstances out of my control and have yet to be rejected because of the extra searches. It all depends on the big picture. If there is nothing negative on your file other than some extra searches, I don't think anybody is going to give a toss.

One mortgage was offered and then withdrawn because of a change in internal lending criteria, so my EURO income was no longer accepted.

Second mortgage my adviser botched up the numbers, so they couldn't offer me the amount needed.

Third mortgage application now underway, has passed all credit checks, just waiting for them to sign off on my payslips and bank statements, seems to be going well.

Thrugelmir

flambo33 wrote: »

a hefty mark on the credit score maybe, i don't know what effect it has?

You don't have a credit score. Lenders will benchmark you against their own criteria. Sensible people tend not to apply for multiple mortgages that they've no intention of following through on.