How many tries do you have?

TWIGLET1234

Got an application in at the moment which has been a long process (coming into the 4th week) In terms of confidence, I would say I’m 50/50. But that’s not really anything to go by because I’ll always find something to worry about. My broker seems more confident than me, I’m just getting twitchy because of the time passed, and the several rounds of questions the underwriter has asked 
Just wondering, if you are declined, how many further attempts do you have with other lenders until you should really give up? Totally hypothetical because we have a broker and I’m sure she’ll get us a mortgage....just curious as we HAVE to get that house by any means possible..haha 

Windofchange

I think the accepted rule of thumb on here is that more than 2 hard searches for a mortgage in 6 months will start to hurt your credit scoring. My very finger in the air answer to you would therefore be more than 2 separate applications in 6 months. As you say, you are going through a broker, and before they submit any sort of formal application they will have run it through their systems to check affordability. It is part of why you are engaging them. If your broker is confident, then all you can really do is trust them and try to chill out. I'm guessing there is increased scrutiny now with underwriters in light of the COVID-19 situation - for instance if you work in hospitality or retail they may want more assurances you haven't been furloughed and that your income is secure. 

FunnyBunny85

You sound in a similar situation to me. My application has been made, I believe the valuation has been undertaken  last week too. But I’m am massively worrying. Despite being told that this broker doesn’t put an application in unless they’re confident. 
And of course, I have fallen in love with the house and there is no alternatives haha! 
So, trust in your broker (as people have told me!). Hopefully all the stress and worry will be worth it :-)

ACG

The underwriter asking questions is a good sign (in my opinion), it means they have not declined you but they want a little more information to make a decision. 

There is no magic number, it will depend on the lender(s) you apply to and the rest of your profile. Some lenders do not credit score, so in theory you could have a million credit checks previously and they would still consider you. 

ayvamummy

If it helps I had no hard searches or new accounts open in 6 months well 12 months come to think of it. I Applied 10th June to virgin media and they did hard search at DIP. And soft search for ID check. This hard search was the first in 6/12 months and I didn’t expect it knock me down 46 points- as irrelevant as credit scores are you get the gist. 

Subsequently I got offered mortgage 17th June subject to valuation coming back ok 

had it failed I don’t know what  I would have done as I took a blow on 1 hard search. 

Fingers crossed that you hear soon. 

MovingForwards

The credit scores / ratings are not seen or used by any financial institution, they have their own algorithm when assessing applications.

Have faith in your broker.

amnblog

A Broker should hardly ever need to submit a second mortgage application and I cannot remember the last time I submitted a third.

TWIGLET1234

amnblog said:

A Broker should hardly ever need to submit a second mortgage application and I cannot remember the last time I submitted a third.

Thanks for your response! Most reassuring...thanks

anteguardian

Just to highlight the experience we’ve had in regards to our mortgage application...

My partner and I applied for an AIP (hard search) which was approved, but unfortunately on the same day the mortgage was pulled. 

We then had to wait for our offer to be accepted so that meant we couldn’t actually apply for the mortgage from that AIP, so we had our mortgage broker apply for another AIP (soft search) and the official Mortgage Application (hard search) with a different company, AIP approved, just waiting on official mortgage application to come back now.

This whole process was within a matter of days, and If our official Mortgage were to be declined we have agreed between ourselves that we’d wait so our credit scores could normalise again after 2 hard searches on our credit file...

Just incase this helps?