hard searches impact

Jo1923

can i ask the view on hard searches or credit applications over a 12 month period , will an underwriter for mortgage  question this - we are LTV of 51 % and have no defaults etc but have had a couple of loans with monzo and paid off in a short period of time to consolidate some previous debt - will this be a massive factor ??

Nasqueron

Existing debt will affect the amount borrowed

Lender can see your last 6 years so presumably show the debts, etc

Far more of an issue than a hard search for credit though it's always wise not to apply for any in the 3 months or so before an application and not until completed and exchanged

Jo1923

the debt is completely settled so hoping won’t be too much of an issue 

DullGreyGuy

Jo1923 said:

can i ask the view on hard searches or credit applications over a 12 month period , will an underwriter for mortgage  question this - we are LTV of 51 % and have no defaults etc but have had a couple of loans with monzo and paid off in a short period of time to consolidate some previous debt - will this be a massive factor ??

The searches will state what they are for, eg Credit Application, Insurance Quote, IdentityCheck etc, though some would be unusual to be a hard search. 

It's their job to risk assess your application, if you have a lot of applications for credit noted then it may raise questions of why you were desperate for money. Even if you had just a single check they'd be entitled to ask, though highly unlikely to, and you just tell them why you were apply for credit... maybe it was for another 0% credit card deal, maybe you were just curious what APR a lender would offer you etc.

Credit checks dont tell them what the outcome was, though if you apply for a card with AmEx and then a month later a new AmEx card appears on your record they can obviously work it out. If not new credit line appears they won't know if you were declined or you declined the offer