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Soft Search Loan Eligibility Calculators & Mortgage Applications

TJParsons
TJParsons Posts: 36 Forumite
in Mortgages & endowments
Hello,

Currently waiting to exchange on the house we are potentially buying (2 weeks till exchange, then complete 2 weeks after that) and have received an email from HSBC regarding their Personal Loan Quote Tool. As previously stated on here, we will be looking to get a new car as soon as we complete, so I would like to test this tool (as well as the similar Money Saving Expert version) but obviously do not want to compromise our purchase. It says that it is a soft search, but I just want to be sure that in the case of our application being referred to the underwriters for any reason, this wouldn't stand out and cause us issues?

Many thanks for your help.

TJ

Comments

  • David_White
    David_White Posts: 892 Forumite
    Fourth Anniversary 500 Posts Combo Breaker
    Is it worth risking it for the sake of a month?
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, 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.
  • TJParsons
    TJParsons Posts: 36 Forumite
    I'm more looking to see if anyone knows explicitly, if there's any ambiguity then obviously I won't risk it. Would just help with planning around the end of the year.
  • David_White
    David_White Posts: 892 Forumite
    Fourth Anniversary 500 Posts Combo Breaker
    Realistically you would be extremely unlucky for this to cause you a problem however all lenders operate differently and it certainly wouldn't not be unheard of for a jobsworth underwriter to turn into a detective when looking at your case before completion!
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, 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.
  • leanne12345
    leanne12345 Posts: 92 Forumite
    Fourth Anniversary 10 Posts Combo Breaker
    David_White wrote: »
    Realistically you would be extremely unlucky for this to cause you a problem however all lenders operate differently and it certainly wouldn't not be unheard of for a jobsworth underwriter to turn into a detective when looking at your case before completion!

    I thought that the point of a soft search was that it couldn't be seen by lenders, otherwise it's no different to a hard search surely. Is this not the case?
  • csgohan4
    csgohan4 Posts: 10,600 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper Photogenic
    leanne12345 wrote: »
    I thought that the point of a soft search was that it couldn't be seen by lenders, otherwise it's no different to a hard search surely. Is this not the case?



    Do you feel lucky?
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ Bowlhead99 RIP
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