Mortgage with “Fair” Experian Score

WestMae

Hi everyone,

I’m 26 years old and feel quite clueless about mortgages so looking for peoples opinions/advice if possible. Me and my partner are desperate to buy a house and have around a 10% deposit (looking at £220-250k and have £25k). I have an Excellent credit score (999) and my partner has a Fair score of 748.

He has a default on his account which was listed in October 2015 and he settled it in March 2018, it’s nearly 6 years old so is due to come off in October I assume. He also has a few late payments on his account, but the most recent was in 2019. We have no debt between us (apart from I have a PCP car) and earn a combined salary of £73k.

We saw a mortgage broker who’s my partners friend and he said there’s no chance we’d get any approvals with his credit score on Fair, it needs to be minimum of “Good” on Experian he said. We are trying so hard, he’s taken out a credit builder card etc but even with that it’s only gone up a few points, he’s over 100 points away from Good still, it could take months/years! Does anyone have experience with getting a mortgage accepted with one person on excellent but the other only on fair? Would appreciate advice! 

ThisnotThat

WestMae said:

Hi everyone,

I’m 26 years old and feel quite clueless about mortgages so looking for peoples opinions/advice if possible. Me and my partner are desperate to buy a house and have around a 10% deposit (looking at £220-250k and have £25k). I have an Excellent credit score (999) and my partner has a Fair score of 748.

He has a default on his account which was listed in October 2015 and he settled it in March 2018, it’s nearly 6 years old so is due to come off in October I assume. He also has a few late payments on his account, but the most recent was in 2019. We have no debt between us (apart from I have a PCP car) and earn a combined salary of £73k.

We saw a mortgage broker who’s my partners friend and he said there’s no chance we’d get any approvals with his credit score on Fair, it needs to be minimum of “Good” on Experian he said. We are trying so hard, he’s taken out a credit builder card etc but even with that it’s only gone up a few points, he’s over 100 points away from Good still, it could take months/years! Does anyone have experience with getting a mortgage accepted with one person on excellent but the other only on fair? Would appreciate advice! 

Find a different broker.  These CRA scores aren't used by lenders, they don't care about them.  I wouldn't trust the advice of a broker who is actually giving credence to them.

K_S

@westmae Are you sure he's a broker?

Jokes aside, there is nothing in your post which suggests that you would not get a mainstream/mainstream-ish rates with a 10% deposit. Just to be clear, this is based on the very limited info in your post.

lonibra

Ignore the score and get a proper MB.

Wes121708

We changed our broker and was the best decision we made! If you're broker can't help look for another one!