Credit Ratings

[Busterhighmen]

Sorry I know there has been a few topics on this recently -

I've just checked my credit score on Experian and it comes up as 725 which is pretty much in the middle of rubbish and the best. This all due to having 20k in outstanding (manageable) debt. This is with a credit card and car finance, there is no missed payments on there.

The issue I have is I'm looking at getting a mortgage for the first time with my partner - We would be looking at borrowing around 198-210k This would be with a 50k deposit and using help to buy at around 62k.

I'm a bit gutted as I hadn't realised how much I had outstanding, even though it's not noticeable I now have doubts of whether we will be accepted for a mortgage.

Am I likely to be declined? How does 'fair' actually stand up for lenders?

I know Sarnie has helped others before - if you do happen to read this would you be willing for me to PM you?

[Sarnie]

Busterhighmen said:

Sorry I know there has been a few topics on this recently -

I've just checked my credit score on Experian and it comes up as 725 which is pretty much in the middle of rubbish and the best. This all due to having 20k in outstanding (manageable) debt. This is with a credit card and car finance, there is no missed payments on there.

The issue I have is I'm looking at getting a mortgage for the first time with my partner - We would be looking at borrowing around 198-210k This would be with a 50k deposit and using help to buy at around 62k.

I'm a bit gutted as I hadn't realised how much I had outstanding, even though it's not noticeable I now have doubts of whether we will be accepted for a mortgage.

Am I likely to be declined? How does 'fair' actually stand up for lenders?

I know Sarnie has helped others before - if you do happen to read this would you be willing for me to PM you?

Feel free to PM/Email me!

With regards to your credit file it doesn't sound like anything that's going to stop you getting a mortgage, if there isn't any adverse credit on there.

The score given on credit files is NOT indicative of a lenders likely decision to lend to you. It's likely that the average score given to you could be anything such as your cards being near their limits etc etc....whilst credit score is of course important, there are a lot of other variables that go in to a lending decision. You could pass the credit score but then fail on affordability for example!