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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.
Chawley 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 TThank you, Kevin, and Beccy for a proactive service securing a better than expected mortgage rate.
Sarah TI would recommend using Mortgage Decisions as they made the process of choosing my first mortgage so easy to understand . They were very knowledgeable on all the products available ,but mostly they were prompt . Thank you in-particular to Toby and Louis.
Lindsay BKevin and Beccy have been extremely helpful - firstly in exploring viable options to suit my situation and secondly keeping me in the loop and dealing with queries that arose along the way. This is my second mortgage with them, both of which had possibly unusual elements and they were able to navigate me through them and find me good mortgages.
Thea EVery efficient service from start to finish. Good communication. Impressed all round.
Mick T