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When it comes to getting a mortgage, few financial factors are as influential as your credit score. How much of an effect does it actually have?
Mortgage lenders rely heavily on your credit score to assess your eligibility and determine the terms they can offer you. This is because it serves as a snapshot of your financial history and responsibility, and offers insights into your financial behaviour, giving lenders an idea of how much of a risk you are to lend to.
Here’s how your credit score impacts your chances of getting a mortgage:
Lenders will have their own criteria for what establishes a good credit score. Falling below their individual thresholds could make it challenging to get a mortgage or secure more favourable terms, but it isn’t impossible.
Equally, a strong credit score can be a door opener to a wider range of mortgage options and more competitive interest rates.
The interest rate on your mortgage is heavily impacted by your credit score. Generally, individuals with higher credit scores are offered lower interest rates, whereas those with lower scores may face higher rates. Even a minor variation in rates can have a big impact on both your monthly mortgage payments and the total cost of your loan throughout its term.
Having no credit history at all can also affect your mortgage eligibility. Lenders rely on your credit history to gauge your borrowing behaviour, so lacking this history may limit your options when it comes to the type and terms of mortgages available to you.
Your credit score plays a vital role in your mortgage application. To increase your chances of securing a mortgage that suits your needs, it’s important to maintain a healthy credit score.
Feel free to reach out to our team of advisers today to explore how we can assist you in finding a mortgage that aligns with your unique financial circumstances.
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances.
The fee is up to 1% but a typical fee is £595.
Jack and Russell were absolutely amazing and helped me secure my first mortgage with no problems at all. As a first time and solo buyer it is all very daunting but they explained everything to me and I could trust that I was in good hands regarding the securing of my mortgage offer. Their communication was brilliant as I usually had a response to any questions within a day and my mortgage offer came through so fast. Thank you!
Chelsea WThe best mortgage advisors in our opinion. I was kept up in the loop from day one. Extremely friendly and professional service. Thank you once again.
Pawel WThank you, Kevin, and Beccy for a proactive service securing a better than expected mortgage rate.
Sarah TChawley and Amber have both been extremely helpful and accommodating throughout all stages of the process. I would highly recommend them to fellow first time buyers, as well as anyone needing mortgage advice. Thank you both!
Alex TToby was absolutely a knight in shining armour. Every step of the way he explained everything, he understood my situation and it felt like he was holding my hand through some turbulent times. I can't thank him enough.
Sarah J