Can I get a mortgage?

hazza74

I have an income of £28000, very healthy bank balance, experian credit score of 888, no debt, I have 4 positive factors, 1 negative factor saying 'you have no successfully settled credit accounts'

I want a house that is on the market for 118000, have 10% deposit.

If I apply through my bank which is natwest, been with them for 15 years, always had good saving record, would they approve a mortgage application?

Thanks

Nelly321

You situation is extremely similar to main.. same experian score and nagative factor.. I'm with natwest too.. good saving record.

Similar wage, house price. Hoping to get an offer accepted today.

All I would say is they dont always go on your experian score... and personally I wouldnt get worked up about it especially if your record is 'clean'

jamesd

'you have no successfully settled credit accounts'. Do you have some defaults that are not settled?

Do you have credit that you have been using regularly, like credit cards used and regularly repaid, so you have a clear history of using and repaying debt? This is better than no history, which gives a potential lender little information about your conduct.

NatWest can use your existing history with them and that is likely to increase your chances. Probably not the best lender to use on cost grounds, and you should really look at that unless you truly need NatWest for some reason.

kingstreet

NatWest uses Equifax, not Experian, so what's visible on your Equifax credit file will be more important than the voodoo number Experian comes up with.

ValHaller

hazza74 wrote: »

1 negative factor saying 'you have no successfully settled credit accounts'

This is a quite insidiously and falsely alarming statement.For sofa credit, it might be slightly negative. For a mortgage it is probably neutral. It only means you have no credit agreements which have run to an end but the wording does tend to evoke a totally false view:

jamesd wrote: »

Do you have some defaults that are not settled?

Nelly321 wrote: »

All I would say is they dont always go on your experian score... and personally I wouldnt get worked up about it especially if your record is 'clean'

I doubt anyone goes on the Experian score. Kingstreet rightly calls it a voodoo number. Nelly rightly says don't get worked up about it. The 3 important things to be concerned about are

• Have you kept your nose clean financially?
• Are all the facts correctly recorded?
• Are you on the electoral role and do you have a continuous address history?

kingstreet

I thought I recognised the user name.

Another thread on this a couple of days ago for reference;-

https://forums.moneysavingexpert.com/discussion/4776902

Building_Surveyor

What further advice are you after that you didn't get before?

hazza74

I have had no credit cards is the negative factor.

I did post the other day but my partners credit score is fair, so I'm trying to get a mortgage alone.

hazza74

The only reason i want to use Natwest is that they have my saving records and account history for the last 15 years, and me being a customer might work in my favour?

GMS

Is your partner providing the deposit? This will cause issues for most lenders

hazza74

No, i will be providing the deposit.