Andrew Montlake, director of broker Coreco, welcomed the move and said customers were increasingly concerned about the impact of an agreement in principle (AIP) on their credit file. HSBC, Tesco, Lloyds and Halifax are among the lenders already conducting soft credit checks exclusively for an agreement in principle. A spokesman for the Yorkshire Building Society said: “We are in the process of conducting rigorous reviews of credit scores for the application of principles. Santander yesterday announced the introduction of a soft credit check on mortgage decisions in principle for customers throughout the mid-sector. He told Mortgage Solutions: “Customers are increasingly asking about the impact of an agreement in principle on their creditworthiness. However, YBS and its intermediary Accord have promised to move soon to a basic search, which will only be classified for 60 days and is not visible by other financial institutions. Once a full mortgage application is made, lenders conduct a hard credit quality audit, which can then be accessed by other financial organizations. Do you need help? Chat to us or call us on 0345 607 9825 If you are angry, we cannot offer you a mortgage if your application is based on this exalted income to pass our accessibility test. Please note that a decision in principle (DIP) does not specifically concern a mortgage product in our assortment and we reserve the right to withdraw our products at any time without notice. The bank said the change would make it easier for homeowners to compare mortgage options. To begin with, you need to check your accessibility with our accessibility calculator and then ask for a DIP. This is done in two simple phases: British home builders are heavily dependent on foreign labour, almost one in five people from overseas, as studies have shown that… If you already have your accessibility calculation, follow your email instructions.
You can access it for 30 days before you have to do it again. “A soft footprint seems more than adequate in the AIP phase, and while it is not an important part of the consultation process, it is something that is taken into account by both clients and brokers when first purchasing a mortgage.” Before you apply for a mortgage, you may need a policy decision (DIP), sometimes called the Agreement in Principle (AIP).