Does A Credit Score Affect A Mortgage Application?

[chrissa1]

My daughter and her boyfriend of 6 years want to buy a house together, halfway between his family in Southampton and me, in Northumberland.

His Credit Score is very good and my daughter's is good, but not as good as his. He has enough money for a good sized deposit already. They want to buy the house together and both of them will be contributing to the mortgage repayments.

My question: Would her slightly worse CS have a detrimental affect on the mortgage application? Surely with both of them contributing to the overall income of the "family", this shouldn't matter.

They want the house to be in both their names.

[ummmm]

They take into consideration more than just the credit score. If her score is 'good' and his is 'very good' they will look at employment history, joint income, and weigh up the pros and cons.

[Mattk]

I doubt it but she should do an Experian credit check if unsure.

[sebhfhion]

She would have to have a very bad score for her to be rejected for a joint mortgage. A Mortgage advisor rather than a Bank would be the first port of call . this happened to a nephew of mine whose wife was from abroad so had no credit score at all, even though she has a very good income. They eventually found a mortgage company, through a broker, who would supply a mortgage in joint names but were refused by two banks including Lloyds and Santander.

[chrissa1]

She has done an Experian Credit Check.

So, the Joint Income is more important than the CS?

[dannyk13]

Where did they get their credit score? I watched Martin Lewis on T.V and he made a point of the fact that building societies work out their own credit score.

[chrissa1]

Shame there isn't a site that would take you through hypothetical applications, putting in the "what ifs." Or, is there?

[sebhfhion]

The answer to your OP is yes, a credit score can affect your ability to get a mortgage. However, if your daughters score is 'good' then why should there be a problem? If it was non existent or bad then it would have a detrimental effect, even if her LTV was low and she earned a good wage. A good broker would be able to procure a mortgage as they deal with companies that specialise in difficult cases on a one to one basis..

[boxtops]

They don't have to be on the same rating. She could pay £2 and get an Experian check for her own benefit (I did and it was well worth it, I found that on record I was associated with several very odd people - my ex, and the people who bought my mother's house where I used to live. Paying for a check means you can set right any inaccuracies which might affect future credit).

[chrissa1]

Thanks all.

I posted that she had done an Experian Credit Check, boxtops and that's how she knows her score.

A broker sound like a good idea.