Expert Mortgage Advice & Mortgages For Those With Fair Credit Score

Let us put you in touch with expert mortgage advisors who will give you impartial advice and help you find low % mortgage products when you have a fair credit score.

suitable for you

Let us put you in touch with expert mortgage advisors who will give you impartial advice and help you find low % £250,000 mortgage products.

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Our Office is open 9am-5pm from Monday to Friday. Please contact us by either phone or email, using the contacts below.

Phone number 01332 821340
Office Address 4 Chatsworth House, Prime Business Centre, Raynesway, Derby, DE21 7SR
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Mortgages with fair credit

Securing a mortgage with a fair credit score means you can likely get a competitive deal, such as those with lower interest rates. However, credit scoring is so broad that what one credit reference agency deems as a poor score, another could view it as good.

So, what you think is a ‘fair credit score’ could still lead to your application being turned down, if you use a credit agency that puts your score in the ‘poor’ category based on their own criteria. By speaking to an experienced adviser like our team at Finance Advice Centre, you can use our help and expertise to find out which providers offer the most suitable deals for you and will view your credit score more favourably, increasing your chance of securing a mortgage.

Can you get a mortgage with a credit score of 600?

Maybe, again it will depend on the credit reference agencies being used as well as the mortgage provider you go through. For example, if you have a credit score between 561 and 720 with Experian (the largest credit agency in the UK) it would be considered as a poorer credit score than normal. Therefore, with this Experian score you could get a mortgage, but it is likely that you will have to pay higher interest rates.

However, if you check your credit score using Equifax or TransUnion and it is 600, you will be seen as in a good position to apply for a mortgage with this score. Also, keep in mind that each mortgage company will have its own lending policy, so some lenders will be more or less concerned by different parts of your credit profile.

All credit providers are required to be authorised and regulated by the Financial Conduct Authority.

What credit score do mortgage lenders use?

As previously mentioned, the most commonly used mortgage credit scores are the FICO scores that you get with the UK’s main three credit reference agencies: Experian, Equifax, and TransUnion. Mortgage providers will usually look at your credit score from all three of the CRAs when you apply for a mortgage. If a borrower has three different scores according to each scoring system then they will use the middle credit rating to assess your application. If two credit agencies agree on your credit score though, the mortgage lender will just use that credit rating in their assessment.

How to improve your credit score:

Even if you have a fair credit score, taking steps to boost it can only have a positive effect on your chances of being approved for a mortgage. Having a higher credit score will also mean that you don’t need to pay as much in interest or as a deposit. Simply making small improvements to your financial behaviour can have a positive impact on your credit score.

  1. Reduce your credit card debt and be responsible in your credit card use
  2. Put your name on the electoral roll if you are not on it already. It is a quick process and shows stability whilst helping credit agencies confirm your personal details
  3. Pay off credit card loans and utility bills on time
  4. Avoid going into your overdraft on credit cards
  5. Check the information on your credit file, this will give you the chance to correct any errors due to fraud and remove past financial partners who could have been affecting your credit score
  6. Only apply for credit cards and loans that you really need. Making a lot of applications for credit at once will damage your credit score because it shows you are not in a stable financial position.
Contact Finance Advice Centre today for further help about applying for a mortgage with a fair credit score, or any other types of mortgages that you could be interested in. Our expert advisers will help you find and apply for the mortgage that will best fit your financial circumstances.

As a mortgage is secured against your home it could be repossessed if you do not keep up the mortgage repayments.

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Whole of Market Mortgage Advice

Being able to give ‘Whole of Market’ Mortgage Advice means that we have access to the widest range of lenders. These lenders include “High Street Banks, “Challenger Banks and Building Societies . However, just because a mortgage advisor has access to the Whole of the Market, doesn’t mean that they necessarily have the right knowledge or expertise to be able to give you the right Mortgage Advice and therefore the best products. We believe that Finance Advice Centre is very different. Our Advisers are all trained with specialist complex cases in mind. No matter how challenging your situation, if there’s a solution for you, we’ll do everything we possibly can to find it!

We especially enjoy working on complex mortgage cases. One example is if you’re trying to get a mortgage but have only just started a new job. Many lenders will require you to have been working in that role for a set amount of time. Having access to the Whole of Market wouldn’t necessarily mean that all advisors giving Mortgage Advice know which lenders to place your case with even though they are able to use all of them. Clients who are recently self employed or contractors often cause other advisors problems. However, our advisors specialise in these types of cases and deal with them every day.

Finance Advice Centre Ltd is an appointed representative of Finance Advice Group Ltd, which is authorised and regulated by the Financial Conduct Authority in respect of mortgage and insurance mediation activities only. Finance Advice Group Ltd is entered on the Financial Services Register https://register.fca.org.uk/ under reference 624517.

Some types of buy to let mortgages are not regulated by the Financial Conduct Authority.

As a mortgage is secured against your property, it could be repossessed if you do not keep up the mortgage repayments.