If you are applying for a Halifax mortgage in principle, Halifax will consider the following three main things. A Halifax mortgage usually lasts 90 days, but you can get an extension by applying for one from Halifax. In principle, you will need an extension of your Halifax mortgage if you are buying an off-plan construction property that is not yet completed. In these cases, there are usually delays in knowing when the property will finally be available, and Halifax will not want to submit a fixed mortgage offer to you if your property is not willing to be valued, as it simply cannot proceed with a firm and definitive real estate appraisal if the property is not complete. A gentle credit search is an “easier touch” on your financial situation. This is the type of research that is routinely performed on price comparison sites. This would give you an indication of the products that might be available to you. It can also be useful if someone wants to verify your identity. Some mortgages mostly do gentle research.
More and more lenders seem to be moving to this type of research. While the financial institution that performs a soft search receives less information about you than if it had conducted a difficult search, an agreement in principle reached by one of these lenders usually remains an extremely strong signal that your complete application is accepted. You can see that someone has done a soft search at your home when you check your credit file. But the good news is that this research is not visible to other financial institutions, such as banks. This means that you can apply for an agreement in principle for a mortgage without affecting your creditworthiness. It`s something he succeeds or not. An agreement in principle means that a borrower has been accepted for a mortgage, but the final agreement depends on issues such as an appraiser report and confirmation of employment. A difficult credit search is a detailed overview of your credit information. Any financial institution that enforces any of these terms should obtain your permission to do so. The advantage of a “difficult” search is that the lender looks at your situation very closely. If you pass the creditworthiness, it is very likely that your application will ultimately be successful.
The only thing that can really go wrong from there is if for some reason you can`t provide satisfactory documentation to back up the information you disclose. . . .