Mortgage declined

csgohan4

crowy68 wrote: »

I have just done a credit check with Equifax and has given me a score of 528, when the uk average is 380, so surly I should be able to get a Mortgage, might need a chat with my GF . . lol

What red flags does it show?

Fizzy11

I think that's a low score. You need to read it rather than just look at the number.

Thrugelmir

crowy68 wrote: »

I have just done a credit check with Equifax and has given me a score of 528, when the uk average is 380, so surly I should be able to get a Mortgage, might need a chat with my GF . . lol

Unfortunately the scores have no bearing. As mortgage lenders don't use them. What they use is the datasets that's contained within them that spans the past 72 months of activity. Using algorithms these datasets can be analysed and dissected in many different ways. The results then matched against the lenders own lending policy at the current time for the product being applied for. Simply put you need to tick all the boxes.

Jhoney_2

@ Thrugelmir,

Going off track slightly, Just a quick question. To your knowledge, is there a way to find out if/when lenders are going to buy new products to offer potential lenders?

E.g Santander's 10yr fixed expired recently - they do not have any 10yr or offset product showing online. Can it be found out?

Sorry to to piggyback OP, it didn't merit a new thread.

Thrugelmir

Jhoney wrote: »

@ Thrugelmir,

Going off track slightly, Just a quick question. To your knowledge, is there a way to find out if/when lenders are going to buy new products to offer potential lenders?

Hi,

Could you clarify your question.

I suspect it may be one more for the likes of Kingstreet or ACG. As they may well have an insight from their close dealings with lenders BDM's as to what's in the pipeline.

Jhoney_2

Thrugelmir wrote: »

Hi,

Could you clarify your question.

I suspect it may be one more for the likes of Kingstreet or ACG. As they may well have an insight from their close dealings with lenders BDM's as to what's in the pipeline.

That was the clarified version, lol. Thanks for replying.

crowy68

Fizzy11 wrote: »

I think that's a low score. You need to read it rather than just look at the number.

It said it was a high score, there were all green flags, not one red one, Just dont get it, we want to put down 67% of the asking price down as a deposit and we have been declined. Surly the money will be in the house if we default anyway.

crowy68

Your Score
528
Excellent
What your Score means to you
You have a score of 528 .Your score is highly predictive that you would be a strong candidate for credit. You are well above the average for UK borrowers. Most credit grantors would consider this score excellent. While many factors other than your score influence the decision to grant credit, you will probably not be turned down for loans based on your score alone. Many credit grantors may also offer you preferential terms such as higher credit limits or lower rates. Review the Risk Signals below to identify areas that may be negatively impacting your score.Find out more about automatic credit decisions

Thats what equifax says !!

DCFC79

crowy68 wrote: »

Your Score
528
Excellent
What your Score means to you
You have a score of 528 .Your score is highly predictive that you would be a strong candidate for credit. You are well above the average for UK borrowers. Most credit grantors would consider this score excellent. While many factors other than your score influence the decision to grant credit, you will probably not be turned down for loans based on your score alone. Many credit grantors may also offer you preferential terms such as higher credit limits or lower rates. Review the Risk Signals below to identify areas that may be negatively impacting your score.Find out more about automatic credit decisions

Thats what equifax says !!

The score is irrelevant as lenders don't see it.

Alias_Omega

What about the term, how long are you taking the mortgage over? That will be a factor in your monthly expenses calculations.

Can you survive if Mrs GF becomes pregnant? What happens then. Something which they may well use as a calculation in a young family.


For us, we pushed it out to 27 years. The cost to mortgage is the same as to rent....