Credit ratings

axel132132

Hi everyone,

Mortgage newbie here!

Quick question does credit rating play a huge part to the mortgage and how do they work these

Is the rating averaged out between the joint applicants?

I have a excellant rating on equifax above uk average and stated as 'excellant' this is 488

My fiance on the other hand who i want to get a mortgage with has a 'poor' rating hers is 199 and stated as poor

Will this play a dramatic affect

Next question is can we get a mortgage in both our names but using only my credit rating?

Cheers all

Thrugelmir

Your (consumer) credit score is of no interest to a lender. Lenders obtain a myriad of historical data that spans the previous 6 years (72 months). This is the data on what they base (part) of their decision. As other factors also come into play.

Yorkie1

The scores from the credit agencies are irrelevant when it comes to getting a mortgage.

Each lender will get a copy of your credit record from the agency they use, but they have their own way of scoring you, using a wider range of information I believe.

That being said, comparatively different scores do indicate a difference in how your records appear and in how your credit histories compare.

It is possible for your fianc!e to be on the mortgage but it might have an effect on how much can be afforded. If she is contributing towards the deposit then the lender might not be happy with her not being on the mortgage.

What you both need to do is get copies of your credit reports from all 3 agencies (don't pay for a monthly thing, just the £2 statutory search) and get yourselves down to a broker for advice.

If her credit record does have problems, you don't want to make things even worse by speculative applications to lenders without knowing if they will refuse you - each refused application makes a dent in the credit score itself.

axel132132

Cheers hopefully we can get hers boosted just a little bit from poor to good, then give us better chance etc

amnblog

I think you have just totally missed the point.


Whether your file says excellent, good, poor, or disgraceful it does not affect the history and current status listed on the file and that is what the lender considers.