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Kerry
Operations Manager
Asked a question 5 months ago

Hi, I am 24. I have a stable job, and I am really good with money. I plan to buy a house in five years and would like to know how my credit score would affect my mortgage application. Also, what credit score do you need for a mortgage? Thanks!

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Hi @Kerry14 , sorry just answering this now. In the mortgage world there's no one size fits all. Different lenders will require different things to accept you, so the best thing you can do is make yourself as attractive (to lend to) to as many lenders as possible. You do this by building/maintaining a good score through having a good credit report. 5 years is plenty of time for this

Ultimately your credit report (not necessarily your score) is the biggest factor in mortgage applications. They'll check if you have any defaults, missed payments, CCJ's, how much debt you have etc. The better your report is the better your score will be, the higher the score the more options of who will give you a mortgage are, giving you power to shop around for deals