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Evening,

is there any harm in me getting a AIP with a lender who I may possible think we will be going with when the lockdown is restricted, it’s Halifax and they say it’s a soft search, so shouldn’t affect credit report.

thoughts?

Replies

  • Somerset_La_La_LaSomerset_La_La_La Forumite
    995 posts
    Fifth Anniversary 500 Posts Name Dropper
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    As long as you make sure you key everything accurately (e.g. personal details, addresses, income, expenses) then I can't see any harm to wanting to find out if you're passing scoring for instance. I'll probably do the same as a rough guide until I actually find/finalise a house.

    You just have to be aware that scoring (and criteria) does change periodically, and a major event like this could cause them to tweak the parameters. So if you pass today, it doesn't mean you'll pass next week. Some lenders will 'honour' the 'old' credit score decision, but only for a few days/weeks.

    Whatever you do, make sure you key your income/expenses reasonably accurately. I've had cases where someone has keyed £500pm childcare at AIP and then change it to £100 at the next AIP. That looks highly suspicious (even if it was a legitimate error the first time around) and puts you on the back foot from the get go!
    Used to work in Underwriting. Only the lender can give a definitive answer to queries
  • Carl2510Carl2510 Forumite
    504 posts
    100 Posts Second Anniversary Name Dropper
    ✭✭
    As long as you make sure you key everything accurately (e.g. personal details, addresses, income, expenses) then I can't see any harm to wanting to find out if you're passing scoring for instance. I'll probably do the same as a rough guide until I actually find/finalise a house.

    You just have to be aware that scoring (and criteria) does change periodically, and a major event like this could cause them to tweak the parameters. So if you pass today, it doesn't mean you'll pass next week. Some lenders will 'honour' the 'old' credit score decision, but only for a few days/weeks.

    Whatever you do, make sure you key your income/expenses reasonably accurately. I've had cases where someone has keyed £500pm childcare at AIP and then change it to £100 at the next AIP. That looks highly suspicious (even if it was a legitimate error the first time around) and puts you on the back foot from the get go!
    Thank you for your response, do you have to input credit card info, as I plan to have a zero balance when it comes to the actual application. Not that it’s high now just that it won’t be what it Is now when I come to it, does a soft search check credit card Balances at last statement ?
  • Somerset_La_La_LaSomerset_La_La_La Forumite
    995 posts
    Fifth Anniversary 500 Posts Name Dropper
    ✭✭✭
    Yea for now match whatever appears on your credit file / statement for simplicity. If it's paid in full every month, mark it as "to be paid by completion" (or similar wording) for all cards.

    Same with planning to pay any down, but haven't done so yet - just put in the current balances in and do the same (mark as to be paid).

    When it does come to the actual application, again make sure you match it to either your credit search/statement balances and put as to be repaid, as that minimises the risk of problems / means you'll get a more accurate indicative lending figure.
    Used to work in Underwriting. Only the lender can give a definitive answer to queries
  • Carl2510Carl2510 Forumite
    504 posts
    100 Posts Second Anniversary Name Dropper
    ✭✭
    Yea for now match whatever appears on your credit file / statement for simplicity. If it's paid in full every month, mark it as "to be paid by completion" (or similar wording) for all cards.

    Same with planning to pay any down, but haven't done so yet - just put in the current balances in and do the same (mark as to be paid).

    When it does come to the actual application, again make sure you match it to either your credit search/statement balances and put as to be repaid, as that minimises the risk of problems / means you'll get a more accurate indicative lending figure.
    Thanks for that, as you seem to know quite abit hope you don’t mind if I ask you this question.

    i will be wanting to borrow very close to my borrowing amount the mortgage calculators say for me like within 5K of my maximum borrowing, do you know if they still accept people that close to the amount the would maximum lend, i will be using 20% deposit to get to that amount will that work in my favour?
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