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Mortgage in principle Info
Simba-ali34
Posts: 228 Forumite
Hello,
Hopefully someone can give me some information...I applied for a mortgage in principle with nationwide with a financial advisor and it wasn't accepted. I then managed to ge the next one accepted with TSB. I have noticed my credit score dropped from 908 to 835 and don't know why as I have no debt and paid off 300 on my only credit card so my balance is now 0. Surely this hasn't affected it that much? Also is a credit check done for a mortgage in principle or only when you fully apply? Is 835 good enough?
Hopefully someone can give me some information...I applied for a mortgage in principle with nationwide with a financial advisor and it wasn't accepted. I then managed to ge the next one accepted with TSB. I have noticed my credit score dropped from 908 to 835 and don't know why as I have no debt and paid off 300 on my only credit card so my balance is now 0. Surely this hasn't affected it that much? Also is a credit check done for a mortgage in principle or only when you fully apply? Is 835 good enough?
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Comments
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Lenders take no notice of these alleged credit scores, so ignore them.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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The nationwide AIP is a hard search, TSB is a soft search.0
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Does that make it a good thing being with TSB?0
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Simba-ali34 wrote: »Does that make it a good thing being with TSB?
TSB will do the hard search during the full mortgage application0 -
Simba-ali34 wrote: »Does that make it a good thing being with TSB?
It means there is no imprint in your credit file of the search. But it also means the DIP is a less reliable indicator of any mortgage you might get - which may be an issue if you are looking at a high loan to value/4 times salary mortgage. The Nationwide search is more reliable - but not a good idea unless you/your broker are committed to them.0 -
It does mean you 'could' be rejected by TSB later down the line when they do the hard search.Anything I say in no way constitutes financial advice and anything you do is your own decision.0
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The only person who sees that number is you. The score is meaningless. What matters is your history and your affordability. If you can afford a mortgage (according to your lenders criteria) and your history is good then you stand a good chance of being accepted.0
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