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Mortgage In Principal Soft check Lenders

edited 30 November -1 at 1:00AM in Mortgages & Endowments
6 replies 844 views
TheEffectsTheEffects Forumite
146 posts
Tenth Anniversary Combo Breaker
edited 30 November -1 at 1:00AM in Mortgages & Endowments
Hi

I wanted to obtain a Agreement in Principal

But wanted to know which lenders do Soft checks.


So I can Window shop around looking for the best rates with Banks/Building society.

Please can anyone help me and supply me with a list?


Thanks

TheEffects

Replies

  • edited 12 June 2019 at 12:01PM
    muhandismuhandis Forumite
    994 posts
    Eighth Anniversary 500 Posts Name Dropper Combo Breaker
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    edited 12 June 2019 at 12:01PM
    I don't think this is the right way to go about it, that would be consulting a broker (plenty of fee free ones around) who can look at the entirety of your circumstances and give you a ball-park figure on how much you can borrow and at what cost.

    However, answering your question, the ones I know of that only do soft checks at the AIP stage -

    Halifax
    TSB
    Santander
    Barclays
    HSBC

    I'm sure there are more.
    TheEffects wrote: »
    Hi

    I wanted to obtain a Agreement in Principal

    But wanted to know which lenders do Soft checks.


    So I can Window shop around looking for the best rates with Banks/Building society.

    Please can anyone help me and supply me with a list?


    Thanks

    TheEffects
  • NeutrinnoNeutrinno Forumite
    307 posts
    Third Anniversary 100 Posts Name Dropper Photogenic
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    TheEffects wrote: »
    Hi

    I wanted to obtain a Agreement in Principal

    But wanted to know which lenders do Soft checks.


    So I can Window shop around looking for the best rates with Banks/Building society.

    Please can anyone help me and supply me with a list?


    Thanks

    TheEffects

    This isn't a smart way to go about getting the best deal. Would you not just be best using a broker to do this for? That way they can ensure you are getting the best and most appropriate deal for you whilst fitting the lenders criteria and affordability? There are fee free brokers if that's your concern.
    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.
  • MortgageMammaMortgageMamma Forumite
    6.7K posts
    Part of the Furniture Combo Breaker
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    An agreement in principle is a very preliminary check, it doesn't really guarantee anything other than what has been keyed in is acceptable subject to full underwriting. Full underwriting involves the decision maker looking at the property you wish to buy, EVIDENCE of your earnings, your debts/liabilities/cost of living, ID, Address and a valuation of the property you wish to buy. They also credit check again at that stage.

    An AIP at this stage without advice is a bad idea because

    1. Lenders systems are all different and some are easier to use than others

    2. Some types of income won't be accepted, or only a proportion of it will be accepted

    3. Some types of property will not be acceptable. For example certain apartments, non standard constructions materials, listed buildings, apartments on commercial buildings or next to retail outlet etc.

    4. You'd be taking a stab in the dark trying secure a mortgage from a lender based upon their headline rates only. When you compare the lenders fees, including valuation fees and exit fees sometimes the higher rates work out cheaper over the term of the deal

    5. Why would you enter a massive commitment like a mortgage without taking advice? Its not a small amount of money you are talking about, for some people its the biggest financial commitment of their lives. The consequences can be dire should you get it wrong, you could lose a lot of money.

    6. Depending on what type of a property you are buying, lenders have their own parameters as to what type of lease they will consider. Some modern lease terms are not accepted by lenders due to the steadily increasing costs built into them.

    A good whole of market Mortgage Broker is your friend. You'll only spend as much time talking to them than you will the bank. And they can do a lot of the chasing and pushing along for you.
    I am a Mortgage Adviser

    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.
  • TheEffectsTheEffects Forumite
    146 posts
    Tenth Anniversary Combo Breaker
    Hi All

    Point taken with the brokers. Looking into at the moment

    Does anyone know if having 3 applicants on a mortgage is acceptable. If so which banking lenders allow this?


    I have asked in my own bank to be told No. It does not fit there lending criteria.
  • LRmortgageLRmortgage Forumite
    429 posts
    100 Posts Second Anniversary
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    The majority of lenders will only accept two people on the mortgage.

    There are a handful of lenders that will accept 3 or 4. As a broker I’m not allowed to name them in here.

    This really is a case that should be carefully placed, by a broker if this is the route you’re aiming for.
    I am a Mortgage Adviser
    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.
  • edited 15 June 2019 at 12:19PM
    BelowTheLineBelowTheLine Forumite
    77 posts
    10 Posts
    edited 15 June 2019 at 12:19PM
    Barclays and Metro. Must be others as well.
    TheEffects wrote: »
    Hi All
    Does anyone know if having 3 applicants on a mortgage is acceptable. If so which banking lenders allow this?
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