Mortgage Rates Payment Calculator UK - Low credit score?

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Mortgage Calculator UK - low credit score

Low credit score?

Credit scoring is something carried out by almost all finance houses on credit applications they receive. This is not to be confused with adverse credit information (although adverse credit information will certainly affect your credit scoring)

Basically the details you provide on application form are entered into a database and then each part of the application is "scored" by software.

Exactly how this is scored varies slightly from Bank to Bank, however what the lenders are looking for are: -

Stability - lenders like to lend to people who have stable backgrounds i.e. they don't like applicants with lots of different addresses over past 3 years nor applicants who change jobs frequently, they also prefer mature married applicants with dependants who own their homes! e.g. if you are 19yrs old, have had 3 different addresses over last 3 years, do not have any existing credit, rent a flat and are single - your credit score will be very low indeed

Payment history - lenders like applicants who already have existing lines of credit and are making payments on their other commitments on time and in full.e.g. if you have 3 credit cards and a personal loan and lenders can see from your credit file that you are making payments on them in a satisfactory manner this boosts your credit score

Although a low credit score would cause problems with unsecured lending it does not have a major impact on mortgage applications except those applications where applicant requires 100% funding i.e. no deposit available

if you wish one of our advisors to source best uk mortgage rate on your behalf - click here

We recommend the above option particularly if you have had credit problems ie ccjs, defaults, arrears, repossession or bankruptcy as these can be difficult mortgage cases - more about adverse credit click here

 

 

Find best uk mortgage rates and cheapest repayments online using our UK mortgage calculator or use one of our mortgage advisors to guide you through the best lenders and compare monthly mortgage payments

 



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