Credit Score For Mortgage

Mortgage Credit Scoring

Whether you are a first time buyer, home mover or you are looking to purchase an additional home or a buy to let, you may be wondering what credit score you need for a mortgage.

In truth there is no set level of credit score needed for a borrower to be able to secure a mortgage, while someone with an excellent credit score may have considerably more finance products available to them it is still possible for someone with CCJs or bankruptcies on their file to get a mortgage from certain lenders.

The reason why a lender will check a would-be borrower’s credit score is essentially to assess the level of risk this investment would pose to the lender.

Generally speaking the mortgage products with the lowest interest rates are available to those who have an excellent credit history and can afford to put down a large deposit as these borrowers pose a minimal level of risk on defaulting.

If you are applying for a joint mortgage then it is important to remember that all parties’ credit scores will be taken into account by the lender.  

In recent years the large high street lenders have become more reluctant to lend to those who pose higher levels of risk. There is are however mortgages available for those with even severe credit histories many of these however are generally only available from specialist lenders some of which can only be accessed via a mortgage broker. These finance options may also attract considerably higher interest rates and require larger deposits than a similarly sized mortgage for someone with an excellent credit history. 

Finding the best deal for your credit history

There are a number of services which allow potential borrowers to check their own credit score online. Doing so may be able to let you assess what mortgage products might be available to you. Your mortgage suitability will also depend on other factors than just your credit score such as; Your annual earnings and line of work, monthly expenses and how large of a deposit you can afford to put down.

Whether you have an excellent or poor credit score you could benefit from speaking to an independent whole of market mortgage adviser.

A good adviser will not only be able to give you advice about every aspect of securing a mortgage and be able to guide you through the application process; they can also use their professional knowledge of the market to search out the best mortgage deals available to someone with your credit score. There are also a selection of specialist lenders who cannot be approached directly by borrowers and must be accessed via a mortgage adviser.

If you want to find out more about the potential mortgages available to someone with your credit score, then you could benefit from speaking to a Fair Mortgages adviser.

You can either fill in our online contact form to request a call-back for a free initial consultation, or you can call directly on: 

0117 403 4474

Our Mortgage Broker Service

Special features of what we offer include:

• Friendly telephone service from expert advisers

• Whole of market service - we work with most UK lenders

• Access to leading market mortgage rates

• Access to exclusive loan deals not available on high street

• Fast turnaround - speak to us today if you need to move quickly

• We have lenders who will take into account previous defaults and missed payments 

• Looking to raise additional finance on top of your existing mortgage or buy to let mortgage? - we have access to a range of finance solutions

"The essence of the Fair Mortgages service is professional independent mortgage and protection advice brought to you by a team of specialist advisers and experienced administration support. 

As your mortgage is such an important transaction, good advice is imperative.

Why Choose Us?