Getting a mortgage with fair credit score of 736

hanney1980

My self and my partner are trying to buy a new build property but have been told we wont get a mortgage. My credit score is fair and a score of 736 and his is excellent. Are there any lenders that would agree a mortgage for us or will we have to just use his wage and therefore not get enough of a mortgage to buy?
Any help would be greatly appreciated, thanks.

dunstonh

No lender cares about what marketing score you get. They dont use that and indeed, are not supplied that.

hanney1980

Thank you. Im confused as to why the financial adviser who has been looking into this has said it will count and nobody will accept me? Do you know any likely lenders that would accept? Thanks

zarf2007

hanney1980 wrote: »

Thank you. Im confused as to why the financial adviser who has been looking into this has said it will count and nobody will accept me? Do you know any likely lenders that would accept? Thanks

the scores experian etc show you are for 'consumer' purposes and are ignored by the lender.....you will get a mortgage based on the following:

1. Do you have any defaults, late payments or CCJs?
2. Deposit/amount looking to borrow/LTV
3. Existing debt (CC/HP/Loans/Overdrafts)
4. Salary/other income

Dogger69

What is the reason behind the poor score - late payments, defaults etc? These are more important than a random score.

hanney1980

late payments and defaults,no ccj's or bankruptcy.

Dave_Ham

When and how much were the defaults for, assume you have a 5% deposit and the government backed scheme?

The data in the reports is critical, Experian/Equifax interpretation of the reports is worthless.

okborednow

How long ago were the defaults? Some criteria i found while doing reserch online say if the defaults have been in the last 12 months it's an automatic decline

Senior_Paper_Monitor

If the Financial Adviser is relying on the score alone (I would hope he/she isn't) then get a new one.

It totally depends on the data

I currently have one on the desk going through on 90% LTV with a score of 769 (mainly due limited credit activity) albeit rejected on a previous adviser's application to another company. The skill is to take them to a lender who doesn't penalise heavily for limited activity.

It may well be that the data is a stopper with all lenders at your intended LTV - indeed I have seen many (particularly Experian) scores in the 8 & 900s where the client couldn't get credit for a fish and chip supper based on the actual data !!

These 'scores' are becoming a major problem and point of confusion

Senior_Paper_Monitor

A few more posts while I was typing (between calls) ...

If you a (as Mr Ham surmises) applying at high LTV and the defaults are within the last three years your IFA is probably right !

hanney1980

They were over a year ago and the report says there have been no recent searches.