What Is A Good Credit Score For A Mortgage Uk – How To Choose The Right One
Hey guys in this video I discuss the impact of a good credit score on your ability to take out a mortgage on a house.
So as you can imagine by taking out a mortgage on a property you will need to ideally have some form of a credit score.
The lender will run their own credit checks on your file to see how well you’ve managed your finances in the past or if you’ve had any ccj (county court judgements I.e been convicted).
This will allow them to judge how much of a risk you’ll be to them.
Things to watch out for will be missed or late payments on things such as car finance or a personal loan.
These are things which would show up on your credit profile.
Now the good news is is that you can actually look at these searches yourself via Experian. Com where you can request a free credit reference check to see what comes up on your profile and your overall score.
By doing this early on in the process you can see if there has been a mistake on your file for a particular payment which may have impacted your score or rectify any past issues.
However as a first time buyer normally many people don’t really have a big history of paying off high amounts of debt so it is expected.
I don’t believe there to be any minimum score you have to have to qualify for a mortgage but as long as you haven’t don’t anything dodgy in the past or missed many payments for loans and contracts you’ve taken out it should generally be ok.
The more history you have of paying off debt comfortably the more stable you will come across to the lender and they will offer you more money and a better rate.
So hopefully this will be a start to a better relationship overall with your lender.
Hope you enjoyed this video guys and don’t forget to subscribe!!
***DISCLAIMER***
I am not a finance professional so please seek your own investment advice from a qualified broker. All i am doing is sharing my personal experience. Please make of it what you will.
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