What is a credit score?
A credit score is a number between 300 and 999 that depicts your creditworthiness. The higher your credit score the more attractive you are to mortgage lenders. The score you are given depends on your credit history: your level of debt, the number of accounts you have open, and your repayment history.
Can you still get a mortgage with a low credit rating score?
A successful mortgage application is dependent on a number of different factors. Your mortgage application is less likely to be successful if your credit score is at the lower end of the scale. Your deposit amount, annual income and your ability to make monthly repayments will also be considered alongside your credit score, so it’s best to get professional mortgage advice early on in the mortgage process so that you know where you stand.
Checking your credit rating
If you are in the dark as to what your credit rating score actually is, then the good news is that it is very easy to check. You can check your credit rating here. The cost to check your credit file is £14.99. This is a monthly subscription service but can be cancelled at any time. Try it FREE for 30 days, then £14.99 a month - cancel online anytime. We receive a small referral fee from Check My File.
Remember that all mortgage applicants should keep a close eye on their credit rating health in the months before applying for a mortgage.
Your home (or property) may be repossessed if you do not keep up repayments on your mortgage or debts secured on it.
