Changing Mortgage Companies

gettingtheresometime

Son has had an offer accepted on a house and is in the process of applying for a mortgage.


He's got a DIP from Natwest but would now like to go with Nationwide.


Assuming Nationwide accept him is it easy to change from Natwest? No offer from Natwest has been made yet he's literally just sent the signed paperwork off.


(Mortgage needed would be 90% LTV)

kingstreet

Apply to Nationwide.

Cancel NatWest application.

Couldn't be easier as long as the two hard credit searches don't upset the score and tip the case from an accept to a decline.

90% lending is at the riskier end of the spectrum, so the rest of the application will need to be strong enough to withstand the extra search.

gettingtheresometime

kingstreet wrote: »

Apply to Nationwide.

Cancel NatWest application.

Couldn't be easier as long as the two hard credit searches don't upset the score and tip the case from an accept to a decline.

90% lending is at the riskier end of the spectrum, so the rest of the application will need to be strong enough to withstand the extra search.

Is there a way to find out if he's been 'hard' credit searched?

kingstreet

If he's applied to NatWest, he has.

If he applies to Nationwide for a decision in principle, the firsts step of the application process, he will,

His credit worthiness may not be affected by two hard searches close together but no-one can know that apart from whoever is advising him who has all his details.

A broker will typically avoid a hard search with a lender until 99% certain that lender has (and will have at application time) the best deal for that particular client's circumstances.