Getting mortgage approval from multiple banks

C

Crubeens

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I'm applying for a mortgage at the mo, and have decided to bypass the broker route and go directly to the banks themselves.

Is there anything stopping me from getting approval (if possible!) from several banks and then just going with the best offer at point of purchase?
 
That's what we've always done. It's not too difficult to make duplicates of all the info required, fill out the mortgage application forms and await approval. IMO it's always a good idea to look at the current variable rate rather than the introductory offer rate being offered for the first year or two. You'll be paying the full rate for >20yrs so it's important.
 
i think i remmber reading in a thread somewhere here that the more "hits" on your credit history the lower the score?

eg, you had looked for credit from several/multiple agencies etc

and if you intend approaching many institutions they will all need to access your credit history file.

maybe someone could clarify this, i thought it odd when i read it, but maybe i misunderstood.
 
i think i remmber reading in a thread somewhere here that the more "hits" on your credit history the lower the score?
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Assuming that one lender can see that another lender's query, surely by analysising the queries they would determine that the person has simply applied to several places to get the best rate/offer.

To answer OP, nothing stopping you from getting multiple AIP from different lenders. I had AIP from three different lenders and sometimes used one to play off another to get a larger offer.
 
TheBigD said:
Assuming that one lender can see that another lender's query, surely by analysising the queries they would determine that the person has simply applied to several places to get the best rate/offer.
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The lender can see the date of the credit check so the above should be a reasonable assumption if within a reasonable timeframe. Sporadic credit checks would lead the lender to further questions about credit rating.
 
Crubeens said:
I'm applying for a mortgage at the mo, and have decided to bypass the broker route and go directly to the banks themselves.

Is there anything stopping me from getting approval (if possible!) from several banks and then just going with the best offer at point of purchase?
Click to expand...

The only real difference is that you'll be doing all the paper work, phone calls, etc and will probably not do any better.

A quick check around the websites will show you the best deals. Offload the hassle to a broker and then check that they've got you the best interest rate.

By finding the best deals online you'll have done all the work you'll need to do with about 10% of the effort. Banks don't do better deals when you go direct as it's also easier for them to outsource the administration to a broker
 
(re above..)
I thought about this, but anecdotally I have been hearing that some banks aren't really using brokers anymore, or that the relationships that were there in the good times certainly aren't there anymore.
So even though it would save me so much hassle, I'm worried that using a broker may reduce the amount of potential offers open to me..
 
I went looking for a mortgage just when the credit crunch started - before our savings were even safe >:eek:< and found I got offers from 3 banks for the amount I needed. The broker got me none.
 
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