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Mortgage with a fair credit score?

(7 Posts)
Seabiscuit1 Sun 11-Mar-18 17:15:02

Does anyone have any advice for getting a mortgage with a fair credit score or advice on how to improve a credit score quickly?
I was looking for a flat to rent but have seen one for sale at an incredible price. I have enough for the deposit due to help from family and my salary allows me to easily make the payments.
I missed one credit card payment (only one day late because I forgot!) in January and I am worried this has ruined my chances.
Very frustrating as I would save a fortune by buying rather than renting. My rent currently costs£1500 a month which is not affordable at all.
Any advice would be wonderful. I am fairly clueless about all of this!

delilahbucket Sun 11-Mar-18 22:28:24

Ignore your credit score. It's irrelevant. If it is only one payment which has been paid now and you have no arrears, you should be fine. Go see a broker and see what they say.

Outnumbered99 Tue 13-Mar-18 09:37:30

See a whole of market broker and they will talk it through with you

19lottie82 Tue 13-Mar-18 13:42:14

As advised your score is irrelevant, in fact it doesn’t even exist. No one sees it apart from the agency who sell it to you, and yourself. I wouldn’t worry too much about one payment being a day late, in the grand scheme of things.

Go and see a broker and discuss your options.

PS I don’t mean to piss on your chips but if a flat is for sale at an “incredible price”, there’s probably a reason for that.

TalkinPeace Tue 13-Mar-18 16:35:54

Credit scores are NOT USED for mortgages.

Alwayscheerful Thu 15-Mar-18 10:25:48

My sister missed / late with a credit card payment, the mortgage provider could see the late payment and consequent was unable to access the best rates, in some circumstances a late payment might show as a default on your credit record and you might be asked to explain.

user1498269155 Sat 17-Mar-18 13:25:49

I am a Mortgage broker and what you are being told about credit scores is correct.

What lenders typically do is take the information (ie balances, payment history, limits etc - not the score) from your credit report, they combine that with the information from your application and then score your application internally.

A 1 off late payment is unlikely to be a deal breaker.

Speaking to a broker might be a good idea (sorry to sound biased), some lenders are quite strict where as others are a little more relaxed so that late payment is less likely to be an issue with some lenders.

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