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Hard searches

Hi, I know these are difficult times with mortgage people wanting very large deposits to be considered for a mortgage. I know there are rumblings that the government are gonna help in this respect in the budget. My friend, before this government help, that might be possible, was desperate to find a mortgage to buy the house she is renting as she is a Foster carer, hospital help and has a reasonable income. They, in their efforts to find a mortgage, there were quite a few hard searches done and recorded on her credit file. She is saying that her credit score is now wrecked because of those searches for 12 months. Is there no dispensation due to the rough deals because of the present times, that she might be able to help get back her score earlier to take advantage of the possible government help. Can anyone shine a torch in her direction?


  • K_SK_S Forumite
    2.8K Posts
    1,000 Posts Name Dropper
    @scorpio71168 A couple of hard searches by themselves aren't likely to mean that she can't get a mortgage for 12 months. The reason for multiple mortgage declines is more important to address than a few hard searches.

    I am a Mortgage Adviser

    You 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.

  • ThrugelmirThrugelmir Forumite
    81.6K Posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    She is saying that her credit score is now wrecked because of those searches for 12 months.
    Why were these mortgage applications declined?  More important to resolve these issues than apply again. 
    It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong." — George Soros
  • RelievedSheffRelievedSheff Forumite
    5.8K Posts
    1,000 Posts Second Anniversary Name Dropper Photogenic
    Hard searches in themselves don't wreck a credit file, although lots of searches in a short space of time won't be looked favourably by lenders.

    Your friend needs to look closely at their credit files and find out the reasons for the declines rather than just applying for more mortgages. 

    Did they use a broker?

    They will need to wait a few months before applying to a suitable lender. But shouldnt have to wait 12 months. 
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