What Credit Score do you need to get on the housing ladder?
11th February 2021
Having poor or bad credit doesn’t always mean you won’t get a mortgage, but it can affect the options available to you.
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Having poor or bad credit doesn’t always mean you won’t get a mortgage, but it can affect the options available to you.
Is your credit score lower than you’d like it to be? Perhaps you’ve got a default, CCJ or IVA lingering on your credit report, and are worried that you won’t be able to get a mortgage until it’s been wiped clear?
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Recent industry figures have shown that 1.09 million people with adverse credit scores might be looking to buy a new property in the next 12 months.
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Have you ever wondered how a credit score works? How it can affect you? Or why there are different agencies that create your reports?
Below we answer your questions and a link to a free credit report check*
A residential mortgage in the UK is a loan that is used to purchase a property for use as a primary residence. The lender, typically a bank or building society, uses the property as collateral for the loan. The borrower makes monthly payments to the lender until the loan is fully repaid, which is typically over a period of 25-30 years.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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Clever Mortgages is a trading name of B B Mortgages Ltd. B B Mortgages Limited is a limited company registered in England and Wales with registered number 08057085 Registered Office: 20 Market Place, Newark, England, NG24 1EA. B B Mortgages Ltd is authorised and regulated by the Financial Conduct Authority with registered number 706595.
Your initial consultation and any quotations are free and you are under no obligation to proceed with any options that may be available to you. If you choose to go ahead with a mortgage or secured loan, a fee will become chargeable. Please note commercial mortgages and some buy to let mortgages are not FCA regulated products.
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