Santander Hard Credit Check > Valuation

AlexanderFM1993

Hello,

I have applied to Santander for a mortgage. I got my decision in principle, they did a hard credit check on me and now have arranged a valuation.

Am I safe to assume I have passed the credit check part if they have ordered a valuation to be done post hard check?

Thanks in advance!

csgohan4

No, wait for valuation and don't make assumptions until you get an offer in your hand

kingstreet

If you had been declined you wouldn't have been able to submit an application.

AlexanderFM1993

kingstreet said:

If you had been declined you wouldn't have been able to submit an application.

There's two levels of checks though: the first is the soft credit check and then the latter is the hard credit check where they see everything.

So I could have passed the first soft check, submitted the application and then got declined before valuation after the hard check. But they've just done a hard check and now want to do valuation (fyi the property I am buying is being bought for a considerable amount under the valuation).

kingstreet

A soft search is done at agreement in principle.

A hard search is done as the full application is submitted. If that failed, a decline decision would be produced at that point.

AlexanderFM1993

kingstreet said:

A soft search is done at agreement in principle.

A hard search is done as the full application is submitted. If that failed, a decline decision would be produced at that point.

Oh right, so you think it's good news now pending valuation?

AlexanderFM1993

Update: they are happy with all of my documents and are now going to get back to me within three days.

Interestingly, they haven't carried out an in-person valuation.

ThUK

kingstreet said:

A soft search is done at agreement in principle.

A hard search is done as the full application is submitted. If that failed, a decline decision would be produced at that point.

Is it the same for HSBC? We got a decision in principle from HSBC through a broker ( soft search appeared on Experian credit file). Then the following day the broker submitted the application and a hard search was done. The desktop valuation was instructed and the report was received. 

Am I right to believe that if we were to fail the hard credit check, we would have been declined on submission of the application to HSBC? And is the next step affordability checks, income verification and valuation ? 

Do you have any experience with HSBC DIPs? My mortgage advisoer is of the view that if the underwriter is happy with the supporting documentation and the valuation they will fully approve our mortgag. 

JustMe18

kingstreet said:

A soft search is done at agreement in principle.

A hard search is done as the full application is submitted. If that failed, a decline decision would be produced at that point.

ours was declined after that..we had a hard check, valuation etc. then after 6 weeks of checks, if was finally declined.