Soft credit search for Mortgage Application

humadoon · 16 August 2012 at 8:24AM

Hi i had a word with Halifax yesterday about a mortgage quote and they said they need to do a soft credit search to do that.

I am a first time buyer and i am bit hesitant when it comes to my credit history.

should i go for it?

liamdaley · 16 August 2012 at 8:42AM

Being a first time buyer myself, it's now my understanding that a soft credit search doesn't leave a mark on your file, so it's a good way to get an idea if you will be accepted for a mortgage.

What I've also learned is that an agreement in principle with halifax is quite easy to get, but then things that weren't picked up on the soft credit search can come up on full application when they do a full search.

So a mortgage promise or AIP from halifax is worth very little other than checking what the maximum mortgage they would be willing to get you would be.

GMS · 16 August 2012 at 9:09AM

What are your concerns with your credit history?

Best thing to do is get copies of your credit reports from Equifax, Experian and Call Credit.

Pay for the £2 statutory ones, not the free trial which can be difficult to cancel.

Have a chat with a broker when you have them if you are unsure on anything.

humadoon · 16 August 2012 at 2:29PM

just had a word with halifax and they offered me 5 times my salary Nice

..they did a sioft credit search..

does that means i won't have any issues when they will do the original mortgage application?

GMS · 16 August 2012 at 2:38PM

humadoon wrote: »

just had a word with halifax and they offered me 5 times my salary Nice ..they did a sioft credit search..

does that means i won't have any issues when they will do the original mortgage application?

Depends on your situation.

Halifax haven't 'offered' you anything as you have not done the application and/or had the valuation done.

Something is bothering you it seems. What is it?

Halifax Mortgage Promise is nowhere near a mortgage offer. If you have something lurking then you may well find issues when case goes through the application process.

liamdaley · 16 August 2012 at 2:39PM

No they will be much stricter when you do a full application, you should check your credit files first - I forgot to check mine and now I'm still concerned about being fully accepted. The AIP is just a guide how much you can borrow, but whether or not they will let you borrow it is only determined at full application.

humadoon · 17 August 2012 at 8:45AM

there are few things
such as i have one late payment 2 years ago.
i have checked my Credit report and the score is 752. its clean other wise.

my visa might be an issue as i am a spouse of EEA national and i hold a UK resident document (5 years visa which can be extended to 10th years or get a Permanent residency) i have 3 years left on it.

i can't do a joint app with my OH because her CREDIT report is not very good and has some defaults. .

S;55190481]Depends on your situation.

Halifax haven't 'offered' you anything as you have not done the application and/or had the valuation done.

Something is bothering you it seems. What is it?

Halifax Mortgage Promise is nowhere near a mortgage offer. If you have something lurking then you may well find issues when case goes through the application process.[/QUOTE]

Soft credit search for Mortgage Application

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free