Mortgage credit score

Nins12345

Does anyone know what a good credit score is to have to get a mortgage my partner already has a mort but we want to go in together we have a 40k deposit and are looking to barrow around 110k between us we earn 30k have been told by Santander shouldn't be a problem depending on credit score I checked mine at the beginning of the month and it is 760 is that good? That was with experian thanks

Thrugelmir

You saved a good deposit and only wish to borrow a sensible multiple of salary.

More than the credit score itself. The important factors these days are things such as CCJ's, defaults, late payments, other debts. This is what will influence the lending decision.

Nins12345

I've never had any CCjs I had a credit card when I was 18 and went a bit crazy so was in the 'poor' section before on experian but now am average so hopefully it shouldn't be a problem

jaysb

Base rates have been extremely low for a past year or two, which has helped many of us.

But if I was taking out a new mortgage - it may be worth popping your mortgage £110k into a repayment calculator and seeing what the monthly figures would be if rates were 5,7%. You can google the Bank of England historic base rate - so you can see have its moved in the past, some people will remember very high rates.

The multiplier is only a guide - I would try to find a deal, then make contact the bank and see actually what they will lend you. It may not be the multiple you need - so I would get confirmation what you can borrow, before building you hopes/dreams up. You may need to look for something cheaper and move up the ladder over time, or perhaps shared ownership. All the best !