d4rr3n Posted August 7, 2008 Share Posted August 7, 2008 Applied for a first time buyers mortgage today and have been turned down, not for bad credit but because i have had to many searches in the last few months...didnt realise it was detrimental to shop around for the best deal! Anyone know how long it takes for these searches to 'clear' from my credit rating? Thanks Darren Quote Link to comment Share on other sites More sharing options...
RiceRocket Posted August 7, 2008 Share Posted August 7, 2008 Eh? Too many searches...? Quote Link to comment Share on other sites More sharing options...
d4rr3n Posted August 7, 2008 Author Share Posted August 7, 2008 Yeh this was there reason for declining me, apparently if you request any finance or loan they do what they call a search, this is recorded on your record and when you apply again somewhere else these show up as part of your score. Quote Link to comment Share on other sites More sharing options...
RiceRocket Posted August 7, 2008 Share Posted August 7, 2008 Have you bought a personal credit report to check if anything else is amiss? Quote Link to comment Share on other sites More sharing options...
gaz1 Posted August 7, 2008 Share Posted August 7, 2008 i have heard this before too, write to them and ask to change it as you were just window shopping Quote Link to comment Share on other sites More sharing options...
Beefyblx Posted August 7, 2008 Share Posted August 7, 2008 Applied for a first time buyers mortgage today and have been turned down, not for bad credit but because i have had to many searches in the last few months...didnt realise it was detrimental to shop around for the best deal! Anyone know how long it takes for these searches to 'clear' from my credit rating? Thanks Darren Every time u do a search, it goes on on your credit report!! it takes about 6 months if i remember rightly!! Quote Link to comment Share on other sites More sharing options...
d4rr3n Posted August 7, 2008 Author Share Posted August 7, 2008 Thanks for the info guys, I will be going to talk with the banks tomorrow to see if I can explain the situation. Quote Link to comment Share on other sites More sharing options...
stevie_b Posted August 7, 2008 Share Posted August 7, 2008 Every time u do a search, it goes on on your credit report!! Yep, harsh but true. The loan/mortgage companies assume the worst and take the view you *might* be taking out a loan at each place you go to. Too late for you, but for others, I'd advise getting indicative offers of a mortgage at first (no credit checks here), then when you've seen a home you like, get 1 firm offer from a company that you know offers a good deal (1 check against your name), and then when you're ready to make it official, possibly allow yourself one more check (perhaps with a mortgage broker). I'm not in the mortgages business though, and Charlotte on here would know more about it. Quote Link to comment Share on other sites More sharing options...
Gazboy Posted August 7, 2008 Share Posted August 7, 2008 I've heard of this too. Also goes for car insurance too, my brother was refused once on something quite mundane as he'd exhaustively searched quotes for god knows how many cars. Quote Link to comment Share on other sites More sharing options...
tooquicktostop Posted August 7, 2008 Share Posted August 7, 2008 It took me 3 attempts to secure a remortgage, bottom line is lenders are being VERY careful about what they lend and who they lend to because of the credit crunch Get a mortgage advisor to help you secure a deal Quote Link to comment Share on other sites More sharing options...
gaz1 Posted August 7, 2008 Share Posted August 7, 2008 It took me 3 attempts to secure a remortgage, bottom line is lenders are being VERY careful about what they lend and who they lend to because of the credit crunch Get a mortgage advisor to help you secure a deal and that was just to pay your last car bill:p Quote Link to comment Share on other sites More sharing options...
tooquicktostop Posted August 7, 2008 Share Posted August 7, 2008 and that was just to pay your last car bill:p shut it! I have not paid you yet ;) Quote Link to comment Share on other sites More sharing options...
stevie_b Posted August 7, 2008 Share Posted August 7, 2008 Also goes for car insurance too... Absolutely. A credit search is a credit search, so it applies to things like credit card applications too. Apply for too many in a given period of time (even if it's just so you can pick the single best one), and the loan companies will get uneasy. Quote Link to comment Share on other sites More sharing options...
SteveR Posted August 7, 2008 Share Posted August 7, 2008 Why would you be buying a house NOW? Quote Link to comment Share on other sites More sharing options...
d4rr3n Posted August 7, 2008 Author Share Posted August 7, 2008 Why would you be buying a house NOW? Because i have just started a new job up in the back and beyond of cumbria and renting around here isnt really a great option. I know everything it a bit t@#s up but its either - buy really nice apartment, or rent shabby ex council house... Quote Link to comment Share on other sites More sharing options...
gordy07 Posted August 7, 2008 Share Posted August 7, 2008 Good luck mate! Quote Link to comment Share on other sites More sharing options...
ivan Posted August 7, 2008 Share Posted August 7, 2008 Why would you be buying a house NOW? Because they're cheap? Good luck mate! Quote Link to comment Share on other sites More sharing options...
SteveR Posted August 7, 2008 Share Posted August 7, 2008 Because they're cheap? Tell me another! No, they're not cheap. They might be in ~3 years, at the moment they're still ludicrously overpriced. Even if they were cheap now, it's a plummeting market. Why buy today when you can have the property for 10% less in 10 months time? Ok ok, give me the old chestnut of "it's a home not an investment, so it doesn't matter if it goes down in price" or maybe even "long term, property only ever goes up" - maybe if you look long term enough that's right, but I'd still rather wait, buy at the significantly cheaper price and have the difference in my pocket, than buy now pay twice (don't forget the interest you'd be paying on the extra amount usually adds up to the same again - typically you pay back twice what you borrow, on a 25 year repayment mortage). The average house price now is (still!) about 6 times the average salary. Anyone who thinks that it cheap is barking. No offence. Have a listen to this, especially from 5 mins in when both chaps are on the line giving their opinions. Quote Link to comment Share on other sites More sharing options...
RiceRocket Posted August 8, 2008 Share Posted August 8, 2008 Might be a good idea to wait and see if this suspended stamp duty works out. Quote Link to comment Share on other sites More sharing options...
d4rr3n Posted August 8, 2008 Author Share Posted August 8, 2008 Might be a good idea to wait and see if this suspended stamp duty works out. I thought about that but just been reading into stamp duty and its 0% under 125,000 so i don't have to pay any Quote Link to comment Share on other sites More sharing options...
tomgeer Posted August 8, 2008 Share Posted August 8, 2008 Because i have just started a new job up in the back and beyond of cumbria and renting around here isnt really a great option. I know everything it a bit t@#s up but its either - buy really nice apartment, or rent shabby ex council house... Another Cumbrian member watch out were taking over the spot, that must be three of us by now Quote Link to comment Share on other sites More sharing options...
d4rr3n Posted August 8, 2008 Author Share Posted August 8, 2008 Another Cumbrian member watch out were taking over the spot, that must be three of us by now Hi tomgeer, where abouts you from? Quote Link to comment Share on other sites More sharing options...
tomgeer Posted August 13, 2008 Share Posted August 13, 2008 Seascale mate, you? Quote Link to comment Share on other sites More sharing options...
liam1 Posted August 13, 2008 Share Posted August 13, 2008 my wife is a mortgage advisor she said go to a financial advisor they will shop around for the best deal without running credit scores it may take 12 months to get your credit file back, tell the advisor what you did. Quote Link to comment Share on other sites More sharing options...
d4rr3n Posted August 13, 2008 Author Share Posted August 13, 2008 Thanks i have actually done this now, and am waiting for a meeting with them on friday so should see how it goes! Quote Link to comment Share on other sites More sharing options...
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