The criteria for passing a credit score differs depending on the lender. Sometimes it may be easy, other times it can be strict and difficult to pass. If you have been failed by a lender, it’s likely you may not have been told why you failed. In some cases this is because it was a combination of little things and in truth, they themselves aren’t sure why you were declined.
It’s at this point where you will feel the benefits of a mortgage broker in Hull. We are here to help you and guide you throughout the early stages, right through to the end of your mortgage journey. In advance it is recommended that you obtain a copy of your credit file to show your mortgage advisor in Hull. They will be able to go through it with you and try to match you with the most appropriate lender for your circumstances. The more deposit you have available to put down, the easier your chances will be to pass a credit score for a mortgage.
There are a multitude of different things you can do to improve your credit score in Hull. If you are in possession of a credit card, you should use it often but also make sure that you pay off the balance in full when each monthly bill comes around. Being on the voters roll is easy to set up and it provides a significant boost to your credit score, so make sure you sign up.
Make sure to close down any old bank accounts or store cards, as this can help clear up your report. This is another way to boost your credit score and if you want to read about more ways to, then click here or you can watch our YouTube video “How To Improve Your Credit Score”.
If you fail one lenders credit score, it is not the end of the road, don’t give up! There are many more lenders out there that we can try for you, that may even result in you being accepted. You do need to be careful with hard credit searches however, as having multiple hard searches can negatively impact your credit score.
Every lender will have their own unique way of calculating the amount you can borrow. It is commonplace amongst people looking for a mortgage to approach ten different lenders and receive ten different answers. Some are more generous, some are more strict; it entirely dependant on the lender you go with.
An example of this is if you are Self Employed in Hull, the lender may be more lenient with you and your case. Some lenders may assess 100% of an employee’s overtime and bonuses whereas others won’t do that. Others may accept “unearned” income such as tax credits, child benefits and maintenance benefits.
As an experienced mortgage broker in Hull, our advisors have access to over 40 different lenders who we are able to approach without the need for a credit check, to perform an affordability assessment. If you are looking at buying a home then we would recommend that you have an affordability assessment carried out before you start viewing properties to avoid any future possible disappointment.
Providing evidence that you have kept up-to-date with your mortgage or rent payments is helpful in your case, but it does not guarantee that you will pass a lenders own individual affordability test.
You will find that each piece of lending criteria is unique and entirely depends on the lender. Depending on your personal situation, some are more appropriate than others. Lenders aim to carve out a niche of their own, so that they are approached by good quality mortgage borrows who find their customers don’t quite match the criteria of other lenders. Here are some examples of why your mortgage application could possibly be denied or has been denied for being outside of policy:
As a dedicated mortgage broker in Hull, we will use our knowledge and expertise to find the best lender based on your individual circumstances. It doesn’t matter if your situation is a little bit more difficult, we will still do what we can to help you through your process.
We have been in the mortgage business for a very long time now and we know exactly how to get over the majority of mortgage hurdles. Get in touch with a mortgage advisor in Hull and receive your free initial mortgage consultation.