Low credit score with a 5% deposit for property

Answered on 21 November 2018 by Nick Morrey

My husband and I have a 5% deposit for a house priced £126,500. My credit score is 648 and my husbands is 880. Will we be able to get a mortgage?

It is true that at the higher loan to values, the credit scores with many lenders (especially the major high street ones) are that much tougher to get through. The credit scores applied by the reference agencies are no more than a guide at best, and there are many other factors, such as your address history, employment history, and income level, that will also have a major impact on a lender's decision to grant you a mortgage. A lot will also depend on whether your score is low due to having adverse credit or just not enough active credit for a lender to assess.

There are also some lenders who 'credit check' rather than 'credit score' that we might look to approach as they can be slightly more sympathetic towards cases with a low credit rating.

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Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.

We recommend you seek professional advice with regard to any of these topics where appropriate.


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