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What Is A Credit Score For A Mortgage?

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Here's an explanation of credit scores in the UK when applying for a mortgage - One of the main factors which will determine your ability to obtain a mortgage is, of course, your credit score. Read on for an explanation.

BRADFORD, U.K. - eTradeWire -- What Key Things Do I Need For A Credit Score?

Not all mortgage lenders offer loans the same way; they all have slightly different decision-making processes - here's a few key factors which are used to help them decide whether to approve a mortage or remortgage which include:

• Firstly, all the information you've given them on your application form and signed as a legal declaration of the truth
• The information on your on your credit report (credit history)
• Your public record data and any additional rulings - for example CCJs and/or IVAs
• Maybe you already hold a bank account with them, or hold an active or expired previous policy

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• Remember to consider their own lending policy which may be different from other lenders. Always read the small print!

The types of credit commitments which must be disclosed include the following: credit cards, personal loans, hire purchase agreements, car finance, student loans, interest free credit, store cards, catalogues, mobile-phone and tablet device contracts. Things like bikes and sofas on finance also need to be declared. Even credit facilities such as credit cards with a zero balance need to be declared to the lender.

Prospective property owners in West Yorkshire, UK should visit: https://jamortgage.co.uk/what-is-a-credit-score-for-a-mortgage/


JAMortgage Bradford Leeds and West Yorkshire
07833 430039

Source: JAMortgage
Filed Under: Finance

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