Third mortgage application in a week - what are the consequences

IanGurdon

Hi!

I suspected my credit file was updated and to check, I applied for a mortgage with a high-street lender. The application was accepted.

Later that week my wife and I both applied and were approved for a joint mortgage by the same high-street lender.

However we are considering putting in a third application now (due to reasons beyond our control).

What are the consequences of having a third application for a mortgage within a week, with the same lender?

At present, there are two hard footprint credit searches for both, myself and my wife:
- my two searches are within 4 days
- wife's first search was in July and second search was yesterday.

Will this likely influence the decision for the third application now?

Kind Regards,
Ian

[Deleted User]

Possibly, depending on the lender and their critiera.

Thrugelmir

If it's the same lender. Request a switch of product. Rather than start the whole process again.

National_Debtline

Hi IanGurdon,


I understand you may be shopping around for the best deal but I agree with Thrugelmir, that a swap of product may be better than another mortgage search - if that is an option.


Several searches in a short space of time with no credit being awarded can be damaging to your credit rating and affect your ability to obtain credit. If these are 'mortgage in principle applications' it could affect the final credit check and decision - depending on the banks criteria. Searches only stay on your file for 12months but I would advise you to be careful about any more applications in the near future.


Laura
@natdebtline