Credit rating affected by applying?

Rhiga

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.

InsertWittyName

Use the various online bank's affordability calculators to give you a good idea of what is possible.

[Deleted User]

Rhiga wrote: »

Is this the case? Can an offer that is not utilised affect her credit rating for a further application?

All that will show on your credit files is that a search has been done.

ACG

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.