Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Rhiga
    • By Rhiga 11th Mar 18, 1:27 PM
    • 9Posts
    • 1Thanks
    Rhiga
    Credit rating affected by applying?
    • #1
    • 11th Mar 18, 1:27 PM
    Credit rating affected by applying? 11th Mar 18 at 1:27 PM
    Hello, I wonder if anyone can help.

    I am encouraging my daughter to buy her first property and she agrees and has been saving like crazy. It is now time for her to apply for a mortgage but she is worried that the amount she is offered will not be enough meaning a longer saving time. However, one thing she is worried about in applying is that her credit rating will be affected if she applies and then doesn't use the offer of the mortgage, i.e. she needs longer to save for a deposit.

    Is this the case? Can an offer that is not utilised affect her credit rating for a further application?

    Thanks for your help.
Page 1
    • InsertWittyName
    • By InsertWittyName 11th Mar 18, 2:19 PM
    • 1,067 Posts
    • 4,921 Thanks
    InsertWittyName
    • #2
    • 11th Mar 18, 2:19 PM
    • #2
    • 11th Mar 18, 2:19 PM
    Use the various online bank's affordability calculators to give you a good idea of what is possible.
    I was a DFW, now I'm a MFW
    • zx81
    • By zx81 11th Mar 18, 2:20 PM
    • 16,788 Posts
    • 17,797 Thanks
    zx81
    • #3
    • 11th Mar 18, 2:20 PM
    • #3
    • 11th Mar 18, 2:20 PM
    Is this the case? Can an offer that is not utilised affect her credit rating for a further application?
    Originally posted by Rhiga
    All that will show on your credit files is that a search has been done.
    • ACG
    • By ACG 11th Mar 18, 4:33 PM
    • 16,816 Posts
    • 8,771 Thanks
    ACG
    • #4
    • 11th Mar 18, 4:33 PM
    • #4
    • 11th Mar 18, 4:33 PM
    Do the affordability calculators - there is no need to do a credit check to find out how much you can lend.

    Only get a DIP once you are ready otherwise it may affect your credit score.
    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.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,350Posts Today

5,669Users online

Martin's Twitter
  • It's the start of mini MSE's half term. In order to be the best daddy possible, Im stopping work and going off line? https://t.co/kwjvtd75YU

  • RT @shellsince1982: @MartinSLewis thanx to your email I have just saved myself £222 by taking a SIM only deal for £7.50 a month and keeping?

  • Today's Friday twitter poll: An important question, building on yesterday's important discussions: Which is the best bit of the pizza...

  • Follow Martin