How long should I wait before resubmitting mortgage application?

Dear James,

My existing mortgage offer has been changed due to me applying for two small loans in the interim.  I need to re-apply, but have to wait and I want to make sure I am not re-applying too soon.  Is a certain period of time recommended between credit searches on my file?

Michelle, Cardiff

Dear Michelle,

This is certainly a cautionary tale. Most mortgage lenders would be alarmed to see other recent credit applications when making a decision on a home loan. They are under increasing pressure to lend responsibility, particularly around making sure new customers can afford to meet the monthly repayments for the duration of the loan. As you’ve found, recent credit applications elsewhere can affect a provider’s decision to lend or the offer they’re prepared to make.

There is no set time frame for reapplying to the same lender, if that’s what you’re planning, so you’ll need to ask them about their policy on this. If you’re considering applying elsewhere, credit application searches appear on your credit for one year and are wiped after that. But most lenders will only worry about applications made in the last three to six months. A good mortgage broker should be able to help place your application with a favourable lender. (June 2013)


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