Experian Credit score 853-fair. Can I get a mortgage?

natalieh4eva

I tried last year and got declined, based on 5% or 10% deposit.They said I could have one if I put £30000, but this was on a property of 130000(which a mortgage broker just got the quote on), which I probably would only go for a £90000 house now.

I have just check my credit report, all 4 accounts are either satisfied or satisfactory and I have no defaults on there. I did have a mobile contract that defaulted but that was about 6 years and a few months now and that is no longer on there.

I have just had a pay rise as well of an extra 120 plus per month. And get in total around 1300-1600 a month as I do lots of overtime.

I could possibly get around 5000-10000 deposit. do you think I have a better chance now and are which lenders are best.

MagicCats

The best thing to do is get copies of all three agencies reports held for you (Callcredit, Experian and Equifax) You don't need online access, just the £2.00 statutory reports.

Make sure the information on all three is correct and then find a good broker. That would be my best advice as someone who's recently been through things.

In the interim you could post up your gross and net salary, maximum deposit you can raise and house price. One of the brokers on the board may be able to give some advice based on that info, what you can glean from your credit reports, and some structured questions on their part.

Good luck.

billybear1

Agreed, I wouldn't trust Experian, I have a high number of all defaulted but now satisfied accounts and one that is managed impeccably and Experian has given me a rating of 963. In the real world, no lender will look at me anywhere near that favorably.

Wutang_2

billybear1 wrote: »

Agreed, I wouldn't trust Experian, I have a high number of all defaulted but now satisfied accounts and one that is managed impeccably and Experian has given me a rating of 963. In the real world, no lender will look at me anywhere near that favorably.

Are you saying you do not trust Experian because you disagree with their made-up credit score? Ridiculous

Dave_Ham

The score is not the issue as correctly stated, it is the parts of the actual credit report that the banks look at...

This sounds achievable, although 95% mortgages are still very difficult to get hold of.

At 90% I would say you have a good chance of getting what you want..

I do not have enough information to start name dropping banks randomly, but yes some are more selective than others..

Assume the 100% family route was not appropriate for you?

billybear1

Wutang wrote: »

Are you saying you do not trust Experian because you disagree with their made-up credit score? Ridiculous

Nooooooo :rotfl:

natalieh4eva

Dave_Ham wrote: »

The score is not the issue as correctly stated, it is the parts of the actual credit report that the banks look at...

This sounds achievable, although 95% mortgages are still very difficult to get hold of.

At 90% I would say you have a good chance of getting what you want..

I do not have enough information to start name dropping banks randomly, but yes some are more selective than others..

Assume the 100% family route was not appropriate for you?

Hey hun!!

I have contacted Aldermore, they said they are an intermediatry lender or something like that, and they are passing my details onto one of their brokers. I expect to hear something tmz. We would use my mother and father in law although I really dont want to be going down that route if I can avoid it.

I just wanted to see if we could get approved on the basis of having the deposit. I just dont want to start doing loads of crfedit searches again as obviously this affects credit x

Thrugelmir

billybear1 wrote: »

Nooooooo :rotfl:

Banks use the data provided to arrive at their own score.

billybear1

Of course... But Experian must know that a number of defaulted and then settled accounts could never possibly arrive at an excellent score.

Wutang_2

billybear1 wrote: »

Nooooooo :rotfl:

I think you are - and its not that fuuny

Thrugelmir

billybear1 wrote: »

Of course... But Experian must know that a number of defaulted and then settled accounts could never possibly arrive at an excellent score.

Consumer score is not a lending score. They serve different purposes.