Credit Check: New Build Change of Lender

SteveB39

Hi all,

I reserved a new build house back in November for completion this August. To get through exchange I got a good 2 year deal offer with a lender whose products had a completion date up til October this year.

However I would now like to explore a 5 year deal with a different lender (initial lenders rates are very uncompetitive on 5 years), but aware they would hard credit check me for a decision in principle. If I did do this and they either don't give me a positive decision or I elect to not take it after all, will the Credit Search affect my initial lenders decision (should they credit check us again before completion)?


Thanks for any advice.

kingstreet

Maybe, maybe not.

No real way of knowing. Your case details are not known to the rest of the world.

SteveB39

Thanks for your reply Kingstreet

I guess my question is more whether if a lender does do a final credit check at completion whether a search from a different lender in the meantime affects things or if they are just looking for any new credit commitments / clearance of existing ones?

kingstreet

They aren't looking for anything. The credit score will pick up activity since the last one and other hard searches and so forth, generate a score on the lender's card and that may or may not result in the withdrawal of your offer.

Like I said, it's practically impossible to predict the outcome...

Carrot007

You are the one best placed to know how close credit wise you are cutting it.

The fact you ask shows you might well be or might just be paranoid. You know which.