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  • FIRST POST
    • TheEffects
    • By TheEffects 12th Jun 19, 10:49 AM
    • 128Posts
    • 12Thanks
    TheEffects
    Mortgage In Principal Soft check Lenders
    • #1
    • 12th Jun 19, 10:49 AM
    Mortgage In Principal Soft check Lenders 12th Jun 19 at 10:49 AM
    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
Page 1
    • muhandis
    • By muhandis 12th Jun 19, 10:58 AM
    • 592 Posts
    • 238 Thanks
    muhandis
    • #2
    • 12th Jun 19, 10:58 AM
    • #2
    • 12th Jun 19, 10:58 AM
    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.

    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
    Originally posted by TheEffects
    Last edited by muhandis; 12-06-2019 at 11:01 AM.
    • Neutrinno
    • By Neutrinno 12th Jun 19, 12:53 PM
    • 248 Posts
    • 110 Thanks
    Neutrinno
    • #3
    • 12th Jun 19, 12:53 PM
    • #3
    • 12th Jun 19, 12:53 PM
    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
    Originally posted by 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.
    • MortgageMamma
    • By MortgageMamma 12th Jun 19, 1:11 PM
    • 6,423 Posts
    • 3,193 Thanks
    MortgageMamma
    • #4
    • 12th Jun 19, 1:11 PM
    • #4
    • 12th Jun 19, 1:11 PM
    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.
    • TheEffects
    • By TheEffects 14th Jun 19, 10:23 AM
    • 128 Posts
    • 12 Thanks
    TheEffects
    • #5
    • 14th Jun 19, 10:23 AM
    Mortgage for 3 applicants
    • #5
    • 14th Jun 19, 10:23 AM
    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.
    • LRmortgage
    • By LRmortgage 14th Jun 19, 10:44 AM
    • 258 Posts
    • 107 Thanks
    LRmortgage
    • #6
    • 14th Jun 19, 10:44 AM
    • #6
    • 14th Jun 19, 10:44 AM
    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.
    • BelowTheLine
    • By BelowTheLine 14th Jun 19, 3:26 PM
    • 21 Posts
    • 9 Thanks
    BelowTheLine
    • #7
    • 14th Jun 19, 3:26 PM
    • #7
    • 14th Jun 19, 3:26 PM
    Barclays and Metro. Must be others as well.

    Hi All
    Does anyone know if having 3 applicants on a mortgage is acceptable. If so which banking lenders allow this?
    Originally posted by TheEffects
    Last edited by BelowTheLine; 15-06-2019 at 11:19 AM.
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