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Credit rating affected by applying?
Rhiga
Posts: 9 Forumite
Hello, I wonder if anyone can help.
I am encouraging my daughter to buy her first property and she agrees and has been saving like crazy. It is now time for her to apply for a mortgage but she is worried that the amount she is offered will not be enough meaning a longer saving time. However, one thing she is worried about in applying is that her credit rating will be affected if she applies and then doesn't use the offer of the mortgage, i.e. she needs longer to save for a deposit.
Is this the case? Can an offer that is not utilised affect her credit rating for a further application?
Thanks for your help.
I am encouraging my daughter to buy her first property and she agrees and has been saving like crazy. It is now time for her to apply for a mortgage but she is worried that the amount she is offered will not be enough meaning a longer saving time. However, one thing she is worried about in applying is that her credit rating will be affected if she applies and then doesn't use the offer of the mortgage, i.e. she needs longer to save for a deposit.
Is this the case? Can an offer that is not utilised affect her credit rating for a further application?
Thanks for your help.
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Comments
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Use the various online bank's affordability calculators to give you a good idea of what is possible.I was a DFW, now I'm a MFW :T0
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Do the affordability calculators - there is no need to do a credit check to find out how much you can lend.
Only get a DIP once you are ready otherwise it may affect your credit score.I am a Mortgage AdviserYou 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.0
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