We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Soft search and hard search mortgage
Options
Robbobss
Posts: 22 Forumite
Hello
ive just got a few questions about the difference between soft search and hard search for mortgages.
ive just got a few questions about the difference between soft search and hard search for mortgages.
I have an excellent affordability and excellent credit score with no debt.
I’m looking for a 95% ltv mortgage
I have got about 4-6 payday loans paid off all taken out at times when I’ve been made redundant etc all over 4 years ago.
I have applied with Lloyds and NatWest for a n AIP and they both passed me for what I asked for at 95% ltv which is about half of what they said I could afford in total.
NatWest interest was a lot more than llyods and I also bank with llyods so that seems the best option.
I have got about 4-6 payday loans paid off all taken out at times when I’ve been made redundant etc all over 4 years ago.
I have applied with Lloyds and NatWest for a n AIP and they both passed me for what I asked for at 95% ltv which is about half of what they said I could afford in total.
NatWest interest was a lot more than llyods and I also bank with llyods so that seems the best option.
So what I’m wanting to know is what a soft search AIP actually shows the bank…? I only seem to be getting vague answers surely somebody knows exactly what it shows then and if they can see the payday loans.
does a soft search AIP show the banks all my accounts including the old paid off payday loans? so at this point if the payday loans where going to be a problem I would guess it would decline my AIP.?
or is it only when they do the hard search they will see this information and then decline my main hard search mortgage?
does a soft search AIP show the banks all my accounts including the old paid off payday loans? so at this point if the payday loans where going to be a problem I would guess it would decline my AIP.?
or is it only when they do the hard search they will see this information and then decline my main hard search mortgage?
I am also worried if llyods are more strict with this info what are best banks for this kind of thing?
Answers on a postcard
hope your all well
hope your all well
0
Comments
-
Your best bet with any concerns on credit is to use a mortgage broker.
That said payday loans taken over 4 years ago and paid back with no missed payments should not affect any application.1
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244K Work, Benefits & Business
- 598.9K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards