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What credit score for good mortgage rate

thatchamlad
thatchamlad Posts: 66 Forumite
Debt-free and Proud!
in Mortgages & endowments
As the title says,,,,,,,,,,,,,

What is the minimum credit score needed to get a half decent mortgage rate?

Thanks in advance

Comments

  • Wealden_broker
    Wealden_broker Posts: 11 Forumite
    Part of the Furniture 10 Posts
    Forget a credit score, just make sure you
    1. Are on the electoral role.
    2. Avoid changing address too often in the last 3 years.
    3. Pay credit cards & loans on time.
    4. It helps to have evidence that you currently have access to credit such as a live credit card account.
    5. CCJ's, defaults etc... are a BIG no no
    6. Don't forget the deposit/equity. 10% OK, 25% Great, 40% Brilliant!
  • thatchamlad
    thatchamlad Posts: 66 Forumite
    Debt-free and Proud!
    Wealden_broker wrote: »
    Forget a credit score, just make sure you
    1. Are on the electoral role.
    2. Avoid changing address too often in the last 3 years.
    3. Pay credit cards & loans on time.
    4. It helps to have evidence that you currently have access to credit such as a live credit card account.
    5. CCJ's, defaults etc... are a BIG no no
    6. Don't forget the deposit/equity. 10% OK, 25% Great, 40% Brilliant!

    Thanks for that

    I am currently going through the mychoice homebuy scheme and dont know which mortgage lenders they use etc.

    Thet are funding a 30% deposit
  • Wealden_broker
    Wealden_broker Posts: 11 Forumite
    Part of the Furniture 10 Posts
    Nationwide Building Society are one lender worth looking at, best to contact a local broker who can research the market and discuss matters face to face.
  • Ian_Griffiths_Halifax
    Ian_Griffiths_Halifax Posts: 1,690 Forumite
    thatchamlad wrote: »
    Thanks for that

    I am currently going through the mychoice homebuy scheme and dont know which mortgage lenders they use etc.

    Thet are funding a 30% deposit

    Don't touch the homebuy scheme. You will find from this board that nobody has had a good experience of them and they have ended up spending money on Solicitors and surveys etc only to find the funds aren't there.

    If you can't afford a whole house, save up!
    I am a Mortgage Consultant and don't like to be told what I can and can't put in a signature so long as it's legal and truthful.
  • Ian_Griffiths_Halifax
    Ian_Griffiths_Halifax Posts: 1,690 Forumite
    Wealden_broker wrote: »
    Nationwide Building Society are one lender worth looking at, best to contact a local broker who can research the market and discuss matters face to face.

    Hi and welcome to the mad house Mr Wealden Broker. You'll need to add the Mortgage Adviser signature to your posts. See this thread http://forums.moneysavingexpert.com/showthread.html?t=325378
    I am a Mortgage Consultant and don't like to be told what I can and can't put in a signature so long as it's legal and truthful.
  • thatchamlad
    thatchamlad Posts: 66 Forumite
    Debt-free and Proud!
    Ian_Griffiths_Halifax wrote: »
    Don't touch the homebuy scheme. You will find from this board that nobody has had a good experience of them and they have ended up spending money on Solicitors and surveys etc only to find the funds aren't there.

    If you can't afford a whole house, save up!

    Hi

    It's not that i cant afford the house, it's simply that i dont have the deposit. I have recently cleared some old loans etc that i had with most of my savings and my tennancy runs out in January.

    Mortgage payments are no problem financially, i just wondered what lenders take part in these schemes but i have since found out that most of them do.

    As for the funds being available, i have a letter from Catalyst confirming that my funds have been guaranteed until the 10th of November.
  • koexelek
    koexelek Posts: 7,847 Forumite
    thatchamlad wrote: »
    Thanks for that

    I am currently going through the mychoice homebuy scheme and dont know which mortgage lenders they use etc.

    Thet are funding a 30% deposit

    Find out which lenders they will accept first. It will save you a lot of time in the long run.
    Some lenders don't like these type of schemes and won't lend on them.
    I am a Mortgage adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • 0james0
    0james0 Posts: 527 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    Ian_Griffiths_Halifax wrote: »
    Don't touch the homebuy scheme. You will find from this board that nobody has had a good experience of them and they have ended up spending money on Solicitors and surveys etc only to find the funds aren't there.

    If you can't afford a whole house, save up!

    I've always found Homebuy pretty good, who is your local HA? ours is swaitling and apart from running out of money a couple months back they've been great.

    If it wasn't for them giving out the deposits my first time buyer office would have really struggled.

    More and more lenders now accept the scheme, best to make sure you see an IFA to get the best current deal.

    If your unsure on your credit get a "soft footprint" credit search from someone like Halifax and see if they would accept you based on that. I'm pretty sure Homebuy would not have accepted you if your credit was bad
    Saving and spending in equal measure
  • Incisor
    Incisor Posts: 2,271 Forumite
    1,000 Posts Combo Breaker
    thatchamlad wrote: »
    ... It's not that i cant afford the house, it's simply that i dont have the deposit.
    So in other words, you cannot afford the house.

    Of course you can afford the monthly outgoings, but you cannot afford the capital risks. [:confused:When will people get it into their heads that affording a house is about more than the monthly outgoings, it is about having some savings]
    I have recently cleared some old loans etc that i had with most of my savings and my tennancy runs out in January.
    Well done for clearing the loans. Now go and save up a deposit. Those who do are elbowing their way to the front of the queue.
    Mortgage payments are no problem financially, i just wondered what lenders take part in these schemes but i have since found out that most of them do.

    As for the funds being available, i have a letter from Catalyst confirming that my funds have been guaranteed until the 10th of November.
    Don't be rushed by this 'deadline'. You will have better opportunities come along.
    After the uprising of the 17th June The Secretary of the Writers Union
    Had leaflets distributed in the Stalinallee Stating that the people
    Had forfeited the confidence of the government And could win it back only
    By redoubled efforts. Would it not be easier In that case for the government
    To dissolve the people
    And elect another?
  • Wealden_broker
    Wealden_broker Posts: 11 Forumite
    Part of the Furniture 10 Posts
    Ian_Griffiths_Halifax wrote: »
    Hi and welcome to the mad house Mr Wealden Broker. You'll need to add the Mortgage Adviser signature to your posts. See this thread http://forums.moneysavingexpert.com/showthread.html?t=325378


    Noted thanks....

    I am a Mortgage Adviser

    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
This discussion has been closed.
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