Mortgage timings and applying to other lenders

[SwedeInLeeds]

I just applied for a mortgage last week, AIP all fine, now booked meeting with mortgage adviser.

When does hard credit search and valuation take place? I ask because new deals recently came on to the market that are much better, £1800 better over 5 years according to my calculations.

Can I just cancel my appointment and try to book an appointment with the other bank or are there serious adverse issues in terms of credit score/hard searches?

I don't expect any issues in general, permanent employment, 75% LTV.

Would recommend seeing a broker to get the best deal (is that what you mean by mortgage adviser), but if valuation has been instructed from your original application you may well lose the valuation fee.

It depends on the lender as to whether a soft or hard footprint has been left on your credit file at AIP stage. Valuation won't happen until the full app has been submitted.

Is the full application after meeting with adviser when you have selected a product?

Yes, that's normally how it happens if you are seeing an adviser in branch. The AIP is basically a brief check by the lender to see if you pass their affordability calculations and their internal credit check. The full app is when you go through all the detail of your employers etc and that is the point at which you need to supply the evidence of the income, proof of ID/address etc, the property details, solicitor etc.

@OrlandoTheMarmaladeCat

Yes, that's normally how it happens if you are seeing an adviser in branch. The AIP is basically a brief check by the lender to see if you pass their affordability calculations and their internal credit check. The full app is when you go through all the detail of your employers etc and that is the point at which you need to supply the evidence of the income, proof of ID/address etc, the property details, solicitor etc.

We have submitted all of that, but we have not had a meeting with advisor yet to discuss actual products/details.

So hopefully not a hard check yet.

Just called and cancelled. They were able to tell me that they did indeed carry out a hard search, but suggested it was nothing to worry about unless we're applying for many mortgages in a short time, which was reassuring.
First direct by the way!

@SwedeInLeeds

Just called and cancelled. They were able to tell me that they did indeed carry out a hard search, but suggested it was nothing to worry about unless we're applying for many mortgages in a short time, which was reassuring. First direct by the way!

Well done. Rates are pretty volatile at the moment so def worth being responsive to changes if you can. Good luck!