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What options do I have?
Options
ajide
Posts: 15 Forumite
I have just been turned down by the post office for a £62700 mortgage on a £66000 property. (5% deposit, help to buy)
My credit score at the moment is 725 on experian recently reduced to this by searches from mortgage lenders.
I have an income of £24k. According to the underwriter, the reason I was turned down was due to my credit score.
I have no credit cards, no missed payments or ccjs. I am looking at getting a tesco foundation credit card just to boost my credit score back up.
Any other advice?
My credit score at the moment is 725 on experian recently reduced to this by searches from mortgage lenders.
I have an income of £24k. According to the underwriter, the reason I was turned down was due to my credit score.
I have no credit cards, no missed payments or ccjs. I am looking at getting a tesco foundation credit card just to boost my credit score back up.
Any other advice?
0
Comments
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Have you checked all three credit reports for accuracy? Experian, Equifax, Call cred.
The experian score doesn't mean much. You could try another bank, they all have their own criteria but you might get turned down again. Might be worth dealing with a broker, they might have some idea what are good mortgage companies for you to apply toChanging the world, one sarcastic comment at a time.0 -
Leave the Post Office to sell stamps and engage a mortgage brokerI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
I went to a mortgage broker yesterday, but he checked on halifax and I was subsequently rejected due to credit score as well.
My equifax score is 4000 -
Looks like your credit score is not strong enough for a 95% loan to value deal. more deposit?I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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