Chances of getting a mortgage

loubylou18

Hi

We have recently applied for a mortgage, but I have been reading up and it says if you have used a debt management programme its unlikely you will get a mortgage.
My partner used a DMP years ago and its all been settled a while back, and his credit rating is good 882 and mine is excellent 969.
do you think we will get the mortgage or are we dreaming?
thanks

downhillfast

Without more information its impossible to say whether the DMP will affect your application...

How long ago was DMP?
Are there any remnants of the DMP (such as defaults) still on his credit file?

loubylou18

think its been about 6yrs and theres nothing outstanding

Landofwood

You've given us zero useful information. You've been conned into paying for a meaningless score, sorry.

Daerve

Why is everyone so dismissive of credit scores?

They are clearly not meaningless, someone with a credit score of 10 is probably not going to be accepted for a mortgage but someone with a score of 999 probably is.

There's also nothing to suggest the OP has been "conned". I got a fiver from quidco to find out my score.

OP, more information is needed about your circumstances rather than just relying on your credit score. Some of the less dismissive people in life may be able to help you then.

Landofwood

Daerve wrote: »

Why is everyone so dismissive of credit scores?

They are clearly not meaningless, someone with a credit score of 10 is probably not going to be accepted for a mortgage but someone with a score of 999 probably is.

There's also nothing to suggest the OP has been "conned". I got a fiver from quidco to find out my score.

OP, more information is needed about your circumstances rather than just relying on your credit score. Some of the less dismissive people in life may be able to help you then.

Nonsense. There are many variables and factors that could lead to someone with a score of 10 with a CRA being accepted for a mortgage and someone with a score of 999 being rejected. For this reason, simply supplying a forum with your score is pointless.

So you agree that if the OP paid for their score that they were conned then?

Daerve

Landofwood wrote: »

Nonsense. There are many variables and factors that could lead to someone with a score of 10 with a CRA being accepted for a mortgage and someone with a score of 999 being rejected. For this reason, simply supplying a forum with your score is pointless.

So you agree that if the OP paid for their score that they were conned then?

Nonsense is rather a strong word isn't it?

A credit score is indicative of someone's credit worthiness and while it's in no way a certainty of a yes or no mortgage acceptance it's certainly not something to be so incredibly and frankly rudely dismissive of. It's just data which is all helpful in assisting the OP with their question.

No I don't agree that that if the OP paid for their score they were conned, it's their money. You don't even know whether they did pay or not yet still state they were conned.....

Stu21986

Hi just been offered a mortgage with the halifax with a poor credit history but we did have a 35% deposit...... I get the impression thar it's based on the bigger deposit the less of a risk you are viewed as.

Landofwood

Daerve wrote: »

Nonsense is rather a strong word isn't it?

A credit score is indicative of someone's credit worthiness and while it's in no way a certainty of a yes or no mortgage acceptance it's certainly not something to be so incredibly and frankly rudely dismissive of. It's just data which is all helpful in assisting the OP with their question.

No I don't agree that that if the OP paid for their score they were conned, it's their money. You don't even know whether they did pay or not yet still state they were conned.....

A credit score from a CRA is a made up number. It does not consider the mortgage lender's criteria and it doesn't include information from other CRAs.

I haven't been rude at all. Your posts defending credit scores are entirely unhelpful to the OP and others who may be tempted to waste their money.

Hopefully the OP will return with more detail so we can advise.

Daerve

Landofwood wrote: »

A credit score from a CRA is a made up number. It does not consider the mortgage lender's criteria and it doesn't include information from other CRAs.

I haven't been rude at all. Your posts defending credit scores are entirely unhelpful to the OP and others who may be tempted to waste their money.

Hopefully the OP will return with more detail so we can advise.

It's not a made up number, it's a number created from a data set provided by someone's financial history in relation to a criteria set by the credit reference agency to produce a score.

Of course it doesn't consider the lender's criteria and I never implied it did nor did I defend credit scores. Credit scores are based on data such as defaults and that data which is obtained via a credit score is hugely helpful to advising someone.

What is unhelpful is telling someone they have given you zero useful information (when they haven't) and that they have been conned in to paying for a meaningless score.

Thrugelmir

While the DMP may have finished a while back. The finance house(s) you defaulted on may not be so forgiving. So pick your mortgage lender wisely.