Does my credit score affect getting a mortgage?

Peter McGregor talks us through what a credit score is and if it will affect you getting a mortgage.

When applying for a mortgage or any credit, lenders will take in to account an applicant(s) credit score. So what is a credit score? Put simply, it is a way of assessing how good a potential risk you are to lend to and the criteria can vary from lender to lender. Virtually all lenders will take into account your credit file which is generally held by one of the two main credit checking companies: Experian or Equifax.

What is a credit file?

A credit file report shows who you have previously borrowed from, how much, current outstanding balances and repayment history. Additionally it will show any credit searches that have been done against you. Check out the information that’s held about you. Ensure it is accurate and get anything rectified that is not.

good credit bad credit

What else will be considered?

In addition to your credit file, lenders will also consider other factors, such as employment and address history. Stability in these areas helps to enhance your credit score. There are of course some other areas where you could enhance your credit score.

Can I improve my credit score?

Yes! Here are a few top tips:

  • Set up a minimum payment direct debit for your credit cards, this will ensure you never have any missed payments.
  • Similarly set up a direct debit for contract phones, this will also evidence good payment history.
  • Check that your credit report address and actual addresses used match, this is particularly important in Edinburgh where flats can have multiple address systems applied. For example Flat 3 6 Anytown Road could also be 3/6 Anytown Road or even 1f3 6 Anytown Road. Use the address that the credit report uses when aligning your address.
  • Spread out any credit applications or checks. Too many close together can put some lenders off you as you may be getting rejected elsewhere.
  • Wherever possible use a landline number on applications, one particular lender views this quite favourably as evidence of stability.

About Peter


Peter McGregorPeter McGregor is an Independent Mortgage and Protection Consultant, helping clients to find the mortgage that best suits their needs after analysing their personal circumstances.

Call him on 07844 185 576.

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The initial consultation with an adviser is free and without obligation. Thereafter, ESPC Mortgages charges for mortgage advice are usually £350 (£295 for first-time buyers). YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER LOANS SECURED AGAINST IT.