Credit Rating and Santander Mortgage

Abi_2010

Hi,

I am planning on making an application with Santander soon, I have been reading on here and getting a little worried about credit rating that I need to satisfy the credit score. I have checked on checkmyfile.com and my credit rating is mid to late 800's, out of 1000. Is this good enough?

LTV is about 80%. I did mortgage affordability calculator and it says they would lend us 212k and we only want 85k.

Any mortgage advisors/anyone that has dealt with santader and has any advice I would appreciate it.

Thanks

Vortex566

I would not worry about the scores that the credit agencies give you, as they are not lending you any money!

It should be fine, but do you have any large amounts of debt or any missed payments over the last 12 months?

Abi_2010

No, I haven't missed any payments on any credit accounts. Neither of us have any debts. I have any exsiting mortgage that is a buy to let mortgage that is a very low mortgage payment and is occupied on a long term basis. Which I have all paperwork for and have really good tenants that always pay on time.

Thanks for your help. I really worry about these things.

GMS

The 20% deposit will help as will the fact that you appear to be well within the affordability calculations.

As has been said do not worry about the credit scores you are getting from reference agencies. Lenders have their own scoring which they can change on a daily basis.

Why have you chosen Santander? Are you sure they are the best option for you?

Abi_2010

I'm going onto my boyfriends mortgage and that is who he is currently with, and they have said it is easier and more cost affective to port the mortgage to both our names rather than swap it elsewhere because of early repayment fees.

When we spoke to santander they said they would run a new application in both our names to see if it is ok. My boyfriend has had mortgage about 12 months and hasn't missed a payment either.

kford224

I don't think you need to worry at all. My rating is 440ish, which counts as 'Good' on Equifax and 'Very Poor' on Experian (wish I hadn't looked at that one!) I have only missed one payment out of about 10 different listed 'companies' in seven years but do have £5000 on a credit card, a £1,200 overdraft on my old current account and also finance on a new car. I was surprised it was so low (as everything else is perfect), but we got a joint mortgage with Santander with no problems at all. I know that the mortgage companies all look at different criteria, but I am not sure what is important to Santander. My OH and I have a joint income of £65k, so perhaps that helped us redeem ourselves slightly?! :huh:

kingstreet

When did Experian ask you questions about the length of your employment? Did you give all your telephone numbers to Equifax? When did Call Credit ask you how long you've been with your bank?

These things are counted in a number of different lenders' credit scores, yet the CRAs don't know them, as they never ask. So how can they properly indicate who will lend to you and who won't?

Their "credit score" numbers are indicative only, there to give an idea. Yet many who post on here believe they are magic numbers that guarantee the best products at the cheapest rates.

We build scoring systems for many of the high street lenders. The scores we make available to individual customers are calculated using similar calculations, although they are retricted to your credit report whereas lenders' scores boil down a wider selection of data (income etc). While the credit report scores are still a useful guide, they are not and never can be a definitive indication of whether any particular lender will accept or refuse an application.

Quotation by Experian Company Representative 16/03/2011

Abi_2010

Thanks for everyone'e reply. I was just hoping for a little bit of advice.

I can understand that they dont ask questions about your employment history and personal details etc but just wondered if I would have any problems!