Before a mortgage lender will be willing to lend you money by way of a mortgage, whether it be against a new property or one you already own they will need to conduct a credit check.
There are two types of credit checks a lender can conduct:-
Soft Credit Check: A soft credit check will not affect your credit score and are not visible to anyone else other than you. Soft credit checks are usually a background check on your personal information and a way for a potential mortgage lender to get a better understanding of your financial behaviour.
Hard Credit Check: A hard credit is a full look into your credit history and will remain on your credit profile for other parties to see for up to 6 years. Having too many hard searches on your report over a short period of time could adversely affect your overall credit score and rating. A hard credit search is usually performed so that a potential lender can analyse and determine the risk you pose as a potential borrower.
Through Dashly’s platform you can sign up and get a free credit report, powered by Experian® so that a Dashly Mortgage Adviser can better assist in choosing the right mortgage product and provider for you.