Credit Report.

What credit score do I need for a mortgage?

What is the minimum credit score needed to be accepted for a mortgage?

Your credit score can certainly impact the choice of lenders and products available to you, but there isn't a specific score needed to be accepted for a mortgage. The higher the score, the lower the risk you are to the lender, and the more chance you'll have of being accepted for a mortgage. 

If it's not just based on score, how to lenders make their decision?

Lenders all have their individual criteria that needs to be met, but they all have key factors thy will take in to account. These include:

  • Credit issues, such as CCJs, Defaults, IVAs, missed/late payments etc.

  • Address history and whether or not you're on the voter's roll. 

  • The amount of recent searches you've had on your credit file. 

  • The number of recent credit accounts you've opened (e.g. credit cards, loans)

  • Your debt to income ratio. If the level of debt compared to your income is too high, this can be concerning for lenders. 

  • Credit limit utilisation. Try to keep your credit balances at 25% or less where possible to help your credit score.

  • Slim credit file. If you haven't had any previous credit accounts, this can negatively affect your score. 

What can I do to increase my chances?

Look at the list above and see if there are areas for improvement. One of the biggest factors is making sure you make your payments on time. But ultimately, make sure you check your credit report.

 

We recommend checkmyfile for our clients. Checkmyfile provides a free report, providing detailed reporting from the three main credit reporting agencies, all on one report. 

See The Bigger Picture

  • Check your Credit History as reported to Equifax, Experian & TransUnion

  • Look for differences in what's been reported

  • Identify problem accounts, and take steps to minimise their impact

  • See the types of credit reported from your electric bill to your mortgage

  • View up to 6 years' history of your repayment performance

How do I download my report?

Once you've signed up for the report, scroll down to the bottom of the page and select "Download Printable Report". You can then save the report and send over to us for your free credit report review. 

How do I cancel my report?

Follow the following instructions:

  • Go to the "Expert help" tab in the menu. 

  • Select the "Your Account" on the dropdown

  • Choose "Details"

  • On the dropdown, choose "I would like to manage my subscription". 

  • Then choose "I would like to stop my subscription"

Your free credit report review. 

If you need further guidance with understanding your credit report, send a copy of your report to info@thehomebuyercoach.co.uk.

Disclaimer: This page contains affiliate links via the above checkmyfile link. We receive commission when you proceed with Checkmyfile. This helps support the the page and allows us to continue to provide you with useful content. 

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info@thehomebuyercoach.co.uk | 01752 916096 |

97 Powisland Drive | Plymouth | PL6 5XR

Think carefully before securing other debts against your home

Your home may be repossessed if you do not keep up repayments on your mortgage.

There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.

The Homebuyer Coach Ltd is an Introducer Appointed Representatives of Mortgage Advice Bureau Limited and Mortgage Advice Bureau (Derby) Limited, which are authorised and regulated by the Financial Conduct Authority

 

Introductions are made to Mortgage Advice Bureau which is a trading name of MAB (South West) Ltd, which is an appointed representative of Mortgage Advice Bureau Limited and Mortgage Advice Bureau (Derby) Limited.

MAB (South West) Ltd. Registered Office: Hyder House, 680 Budshead Road, Plymouth, England, PL6 5XR. Registered in England No: 07533839.

By clicking on any external links you are departing form the regulatory site of The Homebuyer Coach. Neither The Homebuyer Coach nor Mortgage Advice Bureau Ltd is responsible for the accuracy of the information contained within any redirected site.

The Homebuyer Coach Ltd, Registered address: 97 Powisland Drive, Plymouth, PL6 6AF Registered in England Number: 13221007

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