Mortgage Advice

Scotslad87

Good Morning,

Looking for some friendly advice and info.

I am a 33 year old male with a good (Experian score of 900) credit score. I have 3 outstanding loans which I am in the middle of paying off (they will all be cleared by end of 2022).

My partner (also 33), has very little debt (£600 on a credit card) but her score has gone from good 5 years ago, to very poor now. She does not understand why, as she has only missed on payment of a loan (admin error) about 12 months ago, and this loan is now paid off.

We have a deposit for a house of 12%, and my question is - is it likely we would accepted for a mortgage based on this deposit, and my good and her very poor credit score?

Also, does anyone have any idea how quickly she will be able to increase her credit score to an acceptable level for mortgage application.

Thanks

David

MovingForwards

Credit scores / ratings are not seen or used by financial institutions in the UK, it's the credit history eg payments made on time, missed payments, late payments, CCJs, IVAs etc.

Speak with a whole of market, independent mortgage broker to see what your potential options are.

Ask friends and family, who purchased in the last year or two, what broker they used.

There are several brokers who comment on posts, if you like how they speak with people you can message them, they cannot approach you for business.

Scotslad87

Morning MovingForwards, thank you for your reply.

I did not realise credit scores / ratings are not seen or used when applying for a mortgage, I have to say I am very surprised at that. My partner only has one missed payment in all her history so I would hope that would not affect things. Neither of us have any CCJ's or IVA's.

I will have a look around the forum, thanks for the advice.

haras_n0sirrah

Hi
It is going to depend largely on what is showing on the credit report - the score itself doesn't mean a huge amount. 
Is there anyway of getting to a 15% deposit - the market is very restricted at 10% currently

Scotslad87

Hi Haras, thanks for the feedback / input....

The 15% deposit might be a stretch to be honest, when you say restricted do you mean not available or available but at higher rates?

I have advised my partner to get a copy of her report, as opposed to just going by the score.

Thanks again,

David

haras_n0sirrah

The lenders are very tight on criteria and affordability at 90% as there are so few around.
To know for sure a broker would need a credit report to do a fact find. The best option is to speak to a broker. As Moving Forwards says we who post here are not allowed to approach forumites as part of mse rules but most of us are happy to respond to a pm asking for help.

MovingForwards

@Scotslad87

You both should look at your credit reports, don't assume everything is fine.

MSE credit club
Credit Karma
Clearscore

All three  contain different information as not all lenders report to every agency.

Scotslad87

Thanks folks for your advice / suggestions.

We maybe are not in a position to go for a mortgage just yet then, will look to improve our scores & increase our deposit.

Thanks

David

haras_n0sirrah

As I say the score doesn't mean much. It is the information within. If you want to see what your options are then speak to a broker. 

Scotslad87

Thanks Haras, slightly worried about moving to that stage as I know they may want to do a credit search which in itself can affect your score / report. In all honesty, I don't think we would be accepted for the mortgage we would be looking for at this moment in time.

Thanks again