Santander to launch soft credit check process

Ryan Bembridge

December 4, 2017

Santander for Intermediaries will introduce a soft credit check process across all its intermediated mortgage business so customers’ credit ratings won’t be affected when applying for a mortgage.

When a mortgage agreement in principle is submitted Santander will check an applicant’s credit report and make an enquiry search. This data will be held on file and will be valid for 60 days.

Applicants can get a copy of their credit file, but this won’t be visiable to other financial institutions.

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Brad Fordham, director of mortgage distribution, Santander UK, said: “We are very pleased to be introducing soft credit checks for our intermediary partners.

“With the recent rise in base rates, many people will be prompted to shop around for mortgages.

“Our soft search will enable customers to do this at Santander without the risk of affecting their credit rating.”

Once a full mortgage application is submitted, a full credit enquiry, also known as a ‘hard’ credit check, will be registered.

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