Mortage - credit score rating

notis7

Can anyone tell me or does anyone know what your credit score should be at this point in time to actually get a mortgage application approved?

I am curious as I am wondering how hard it is to get a mortgage now a days

_Andy_

Every lender scores differently, the 'score' on Experian doesn't have much meaning.

Do you have any adverse credit?

Is this a first time buy or a remortgage?

runicfire

I didn't think the 'score' was an accurate assessment or indeed actually used for a desicision...

Every lender uses 1 or more of the credit agencies and bases a decision on different criteria, I think. (e.g. total credit\debt outstanding etc)

So in answer to the question, it probably depends on a lot of things, like the value of the mortgage, current debt of the applicant, area that the property is in, state of the property, credit history etc....A single score can't be attributed to all these things for all lenders.

notis7

I do not have adverse credit but I am a first time buyer...I was just curious to see how banks were scoring people to get a mortgage....

I presumed you needed to have a good credit score that's all.

_Andy_

notis7 wrote: »

I do not have adverse credit but I am a first time buyer...I was just curious to see how banks were scoring people to get a mortgage....

I presumed you needed to have a good credit score that's all.

As long as you haven't got any adverse credit, been with your employer for 1yr+, at your current address 1yr+ and on electoral role, you should be OK.

Conrad

Stability, stability, stability, that's what lenders look for, in terms of address history, time with Bank, time in job, being on voters role, paying bills on time and less obvious factors such as having a work and home landline (of course some people that only have mobiles get mortgages, but scores can be reduced none the less as study after study revealed defaulters are more likely than the average to not have landlines and less likely to vote - a little more chaotic in general)