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Calculating online whether or not you can afford a mortgage could prove costly.
Applying for a mortgage online is easy, but if you are rejected, your chances of getting a mortgage in the future may be affected.
Experts are warning that even if first-time buyers are applying online just to see if they would qualify, they'll leave a credit footprint which could set alarms bells ringing in a lender's ear.
Olivier Beau de Lomenie, of the loan comparison site thelendingwizard.com, says: "If a lender sees various credit checks on your credit history, they'll assume you were rejected. Alarm bells may ring and some lenders will refuse an application on that basis."
Peter O'Donovan, mortgage expert at Bestinvest, says: "Lenders share records of applications, because checks are done though two main companies, Experian or Equifax. Ifyou do a speculative mortgage application, it's recorded."
Francis Ghiloni, commercial director of realpricecomparison.com, says: "If you're rejected for one, it doesn't necessarily mean you'll be rejected for another, as different lenders have different criteria. Butyou will be treated differently. Perhaps you'll be offered a higher rate of interest."
Just ask graphic designer Ryan, 24, who applied and failed once but nine months later, with a bigger deposit, was turned down again: "It was very frustrating. I first applied just to see if buyinga house was an option, but I didn't realise a failed online credit check was a black mark against you."
So how should the canny applicant navigate mortgage sites without getting burnt?
First, don't send multiple applications - lenders will wonder why you've made so many. Even if you've been approved for them, they may thinkyou're desperate - or the victim of identity theft.
O'Donovan says you can use informal online calculators to work out how much you are allowed to borrow based on your salary. "Or you can getyour own credit rating, for £10, and make sure it's up to date and accurate. Then you can get an idea of what kind of mortgage you can get, without putting your credit rating in jeopardy," he says.
Gilhoniadds:"A mortgage deal may require 10 years of unbroken lending, or be suitable only for a certain profession, so check you meet their criteria."
BEWARE - Being rejected in an online credit check can affect future attempts to get a mortgage.
Online credit check is easy, but even checking online whether you can afford a mortgage could prove costly.