Additional Borrowing on Mortgage Credit Check

stormyweather

Hi all, I have owned my home for 1 year and recently applied to borrow an additional £10k for debt consolidation and home improvements.
I passed the affordability checks, the credit checks and the underwriters approved the application but unfortunately, when their surveyors valued my property it fell just short of the figure needed to maintain the 90% maximum loan to value ratio.
(The minimum additional borrowing amount is £10k and the maximum available to borrow based on my valuation is £8k so they won't proceed).

What will the impact be on my credit score? Will it just register that there was a check or does it make a difference that it was an initially successful credit check?
I want to approach my bank for unsecured borrowing as an alternative and would appreciate advice on how long I should wait before making a further application. Thanks.

[Deleted User]

You don't have a credit score. The search will appear on your credit files, plus any additional credit that results.

DCFC79

stormyweather wrote: »

Hi all, I have owned my home for 1 year and recently applied to borrow an additional £10k for debt consolidation and home improvements.
I passed the affordability checks, the credit checks and the underwriters approved the application but unfortunately, when their surveyors valued my property it fell just short of the figure needed to maintain the 90% maximum loan to value ratio.
(The minimum additional borrowing amount is £10k and the maximum available to borrow based on my valuation is £8k so they won't proceed).

What will the impact be on my credit score? Will it just register that there was a check or does it make a difference that it was an initially successful credit check?
I want to approach my bank for unsecured borrowing as an alternative and would appreciate advice on how long I should wait before making a further application. Thanks.

You score will decide to go down when it rains BUT only you can see said score, there will be an entry for the loan provider on your report, you can check this by getting your report from 1 of the 3 agencies.