However, we do not guarantee that all information is accurate and free of errors and omissions at all times and we do not accept any responsibility or liability for any loss you may suffer as a result of information on this site not being accurate at all times. We take reasonable care to correct errors or omissions on our site as soon as we can after we are made aware of them. As our website contains links through to firms which provide consumer credit we have limited permission to undertake credit broking activities and for these limited activities only AE3 Media Limited is authorised and regulated by the Financial Conduct Authority The principal business of AE3 Media is journalism. Once a full mortgage application is submitted, a so-called hard credit check is carried out by lenders, which can then be seen by other financial organisations.ĪE3 Media Limited is authorised and regulated by the Financial Conduct Authority “A soft footprint seems more than adequate at AIP stage and, while not a key part of the advice process, it is something that is borne in mind by client and broker alike when initially sourcing a mortgage.” He told Mortgage Solutions: “Clients more and more about how getting an agreement in principle will affect their credit rating. HSBC, Tesco, Lloyds and Halifax are among the lenders that already run soft credit checks solely for an agreement in principle.Īndrew Montlake, director at broker Coreco, welcomed the move and said clients had become increasingly concerned about how an agreement in principle (AIP) impacts their credit file. The bank said the change would make it easier for home owners to compare mortgage options. Santander announced the introduction of a soft credit check on mortgage decisions in principle for customers across its intermediary business yesterday. Nationwide, Virgin Money and Leeds Building Society also run hard checks for an agreement in principle. “We regularly review the service we provide customers and intend to change this to a soft check in the future.” A spokesperson from Yorkshire Building Society said: “We currently run hard checks on credit scores for application in principles.
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