Mortgage Applications & Credit Checks

may_1

Hi

I have recently applied for a mortgage, gone through a full application, which was accepted. Surveyor went out to value the property, however there were major repairs required to the property, as well as it being undervalued. The vendor refused to knock anything off the price, therefore we decided to withdraw.

One of the reasons we decided to go with this particular mortgage was because my partners salary wasnt as straightforward, (his monthly salary was always more than the basic as he works shifts). This particular mortgage company were willing to take this into account. All the other mortgage companies we looked at said they required at least 6 months wage slips to show this, which we didnt have at that time.

I have asked my broker to look at other mortgage companies/rates now that he has the required amount of wage slips, however, my broker has advised that this may affect our credit score.

Has anyone had a similar experience where they were refused a mortgage on this basis, or is it really to do with the amount that is offered?

The last application went through smoothly without any factors affecting our borrowing.

Hope this makes sense

Thanks

MortgageMamma

Your broker is simply warning you that applying to other lenders will damage your credit score. Its a valid point, multiple credit checks tend to do that.


On the other hand he/she could just be being lazy, having done the research once not wanting to do it again. Without knowing all the facts it is impossible to say.


Most important thing to remember is YOU are in control. YOU employ this broker to do this work for you, if you wish to see what other lenders are offering you are within your rights to insist upon it. If on balance you decide the further credit checks are worth the risk and the broker won't play ball there are other brokers who would give you a second opinion. Bear in mind though you will have to give all your details again and that could be time consuming.