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Impact of hard searches on credit report
ConsistentlyLost
Posts: 85 Forumite
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!
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Comments
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Apply for a mortgage when you need to. A few searches will not affect matters.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.1 -
See what the others think but it doesn't seem to me that three searches in three months would flag up a problem1
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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.
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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.I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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Thanks all, that's given me confidence to kickstart my property search again!
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Get an agreement in principle from a lender using a soft search before you start.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.1
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