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Credit score and mortgage
midlander81
Posts: 205 Forumite
Hi all,
I know that credit scores generated from the agencies don't mean a great deal and that lenders use their own lending criteria, however I was interested to see that average Equifax score in the UK is 380 which is in the 'FAIR' category.
This does suggest that the average lender is not unblemished. How does this sit with mortgage applications?? Would a customer with a 'fair' credit rating expect to get a mortgage?
I know that credit scores generated from the agencies don't mean a great deal and that lenders use their own lending criteria, however I was interested to see that average Equifax score in the UK is 380 which is in the 'FAIR' category.
This does suggest that the average lender is not unblemished. How does this sit with mortgage applications?? Would a customer with a 'fair' credit rating expect to get a mortgage?
0
Comments
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Your initial sentence answers your question.
The majority of borrowers do have unblemished files.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 -
midlander81 wrote: »Hi all,
I know that credit scores generated from the agencies don't mean a great deal and that lenders use their own lending criteria, however I was interested to see that average Equifax score in the UK is 380 which is in the 'FAIR' category.
This does suggest that the average lender is not unblemished. How does this sit with mortgage applications?? Would a customer with a 'fair' credit rating expect to get a mortgage?
And what do experian or call credit rate you as ?0 -
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