Do All Lenders Use Credit Scores?

December 14, 2022

If you have a less than ideal credit score, but want to apply for a mortgage, you might be wondering how this will impact on your chances of securing a deal. While there are many lenders who use your credit score as a key factor to assess your application, there are others who are willing to give more weight to other factors.

The key is knowing which lenders are most likely to accept your application. One of the best ways to ensure this is to contact a good mortgage broker, who has plenty of past experience of dealing with clients with a poor credit history. They will have access to a comprehensive range of lenders, and will know which ones will look most favourably on your application.

A specialist broker will also be able to advise you about any changes you can make to improve your prospects of getting an offer, and they will know how to present your current and past financial circumstances in the most favourable light.

For example, there are often understandable reasons why people have fallen into debt, such as illness, redundancy, or through self-employed traders having problems with late paying customers. Your broker will talk to you about your individual situation, and may be able to offer a tailored solution which most suits your needs.

However, even if a lender does not take your current score into account, they will still perform a credit check on your financial record. Therefore, it is always advisable to do everything you can to improve your financial situation before applying for a mortgage.

Factors which will work in your favour include being able to demonstrate a reliable source of income, and not having monthly outgoings which are in excess of your monthly income. The further in the past any issues such as late payments, defaults, or CCJs are, the stronger your prospects of securing a good mortgage deal.

If you want to talk to IVA mortgage specialists, please get in touch today.

Your home may be repossessed if you do not keep up with your mortgage repayments.

Back to Blog
;window._klOnsite = window._klOnsite || []; window._klOnsite.push(['openForm', 'R6NsLH']);