Impact of hard searches on credit report

ConsistentlyLost

Hi Folks!

For the first time in two years I find myself in a position where I may be able to buy a property (first time buyer) so I'm looking to try again. The issue at present is that I have 3 hard credit searches in as many months (April, May and June) for opening bank accounts. My question is how long should I hold off before applying for mortgages?

Tia Folks!

amnblog

Apply for a mortgage when you need to. A few searches will not affect matters.

fatbelly

See what the others think but it doesn't seem to me that three searches in three months would flag up a problem

ConsistentlyLost

amnblog said:

Apply for a mortgage when you need to. A few searches will not affect matters.

Oh okay that's good. It's just that I'd heard mortgage lenders are wary if they see hard credit searches performed in the short term because they assume that the person looking to get the loan is desperate for credit or something.

Brie

They'll see is you've been applying for credit cards or credit for insurance, mobiles etc.  Those are the things that might concern them.  I doubt they would be concerned at all about applying for a bank account.  

ConsistentlyLost

Thanks all, that's given me confidence to kickstart my property search again!

kingstreet

Get an agreement in principle from a lender using a soft search before you start.