Getting a mortgage is a big deal, and one of the main things lenders look at is your credit score. But what score do you actually need? And what if your credit isn’t perfect? Don’t worry—we’ve got you covered.
At Mortgage Bridge, we help people secure mortgages, no matter their credit history. In this guide, we’ll break down what credit scores mean for your mortgage application, what lenders typically look for, and how you can improve your chances—even if your credit isn’t where you’d like it to be.
What Is a Credit Score and Why Does It Matter for a Mortgage?
Your credit score is basically a snapshot of how well you manage your money. It’s based on things like borrowing history, repayments, and overall credit behaviour. Scores typically range from 300 to 999, depending on the credit reference agency, with higher scores making you more attractive to lenders.
How Do Credit Reference Agencies Rank Credit Scores?
Here’s a quick look at how different agencies rank credit scores:
- Experian: 0-999
- Equifax: 0-1000
- TransUnion: 0-710
So, if you’re asking, what credit score do I need to get a mortgage?, the answer isn’t one-size-fits-all. It depends on the lender, the type of mortgage, and other financial factors.
What Credit Score Do Mortgage Lenders Want to See?
Lenders don’t have a single cut-off score, but here’s a general idea of what they look for:
| Credit Score Range | Mortgage Chances |
|---|---|
| 800+ (Excellent) | Best rates, easy approval |
| 700-799 (Good) | Competitive rates, good approval odds |
| 600-699 (Fair) | Higher interest, some restrictions |
| Below 600 (Poor) | Limited lenders, higher deposit needed |
If you’re worried about getting a mortgage with a low credit score, don’t panic—there are lenders out there who specialise in helping people with less-than-perfect credit.
Can You Get a Mortgage If You Have a Low Credit Score?
Yes, you can! It might be a bit more challenging, but it’s definitely possible. Here’s what to expect if your credit score isn’t great:
- You might need a bigger deposit.
- Interest rates could be higher.
- You may have fewer lender options.
- Some lenders may charge extra fees.
This is where working with a mortgage broker like us comes in handy. We have access to the best mortgage lenders for bad credit borrowers and can help find the right deal for you.
How Can You Improve Your Credit Score Before Applying for a Mortgage?
If your score isn’t where you want it to be, there are ways to boost it. Here are some of the best strategies:
How Do You Check Your Credit Report?
Before doing anything, check your credit report with Experian, Equifax, and TransUnion. If there are mistakes, dispute them ASAP. If you’re searching for ways to increase your credit score for a mortgage, this is a great first step.
Why Is Paying Bills on Time So Important?
Late payments can seriously drag your score down. Make sure you’re paying all bills—credit cards, loans, utilities—on time, every time.
How Can You Lower Your Credit Utilisation?
Lenders like to see that you’re not maxing out your credit cards. Try to keep your credit usage below 30% of your total available limit.
Should You Avoid Applying for Too Much Credit?
Each application leaves a mark on your report. Applying for multiple loans or credit cards in a short space of time can make lenders think you’re struggling financially.
How Can You Build a Strong Credit History?
If you don’t have much credit history, consider using a credit-building credit card. Spend small amounts and pay it off in full each month to show responsible borrowing. If you’re looking into how to rebuild credit for a mortgage, this is a great long-term solution.
What Credit Score Do First-Time Buyers Need for a Mortgage?
If you’re buying your first home, you might be wondering if lenders have different rules for you. In general, first-time buyers should aim for a score above 680. However, there are still options for those with lower scores.
What Schemes Are Available for First-Time Buyers?
Government-backed schemes can make buying your first home easier, especially if your credit isn’t perfect:
- Shared Ownership – Buy a portion of a property and pay rent on the rest.
- First Homes Scheme – Discounts on new-build homes for first-time buyers.
- Help to Buy Equity Loan – A government-backed loan to boost your deposit.
If you’re wondering how to get a mortgage as a first-time buyer with bad credit, these schemes can make a huge difference.
What Do Lenders Look at Besides Your Credit Score?
Your credit score is important, but it’s not the only thing lenders care about. They’ll also look at:
- Your income and job stability – A steady job reassures lenders that you can afford repayments.
- Your debt-to-income ratio – If you have too much debt compared to your earnings, lenders may be hesitant.
- Your deposit size – A bigger deposit can sometimes make up for a lower credit score.
If you’re applying for a low deposit mortgage, expect lenders to be extra cautious about your finances.
What Are Your Mortgage Options If You Have Bad Credit?
If your credit isn’t perfect, don’t worry—there are still mortgage options for you, including:
- Bad Credit Mortgages: Some lenders specialise in working with people who have low credit scores.
- Guarantor Mortgages: A family member can act as a guarantor to help secure your mortgage.
- Joint Mortgages: Applying with someone who has a better credit score can improve your chances.
If you’re wondering, can I get a mortgage with bad credit?, the answer is yes! You just need the right strategy and guidance.
What’s the Fastest Way to Boost Your Credit Score Before Applying for a Mortgage?
If you need to improve your credit fast, focus on:
- Paying off outstanding debts.
- Ensuring all bills are paid on time.
- Reducing credit utilisation.
- Registering on the electoral roll.
What’s the Next Step in Your Mortgage Journey?
Your credit score plays a big role in mortgage applications, but it’s not the only thing that matters. Whether your credit is excellent, average, or could use some work, there are mortgage options out there for you.
At Mortgage Bridge, we help people secure mortgages—no matter their credit history. If you’re ready to explore your options, get in touch with us today. We’ll help you find the best mortgage deals, even with a low credit score!