Getting a Mortgage With a 750 Credit Score

With a credit score of 750, you will likely have options when it comes to applying for a mortgage, provided you meet the rest of the lender’s eligibility requirements.

But what kind of deal can you expect with this credit score, which lenders will offer you the best one, or where can you turn for expert advice? Read on to find out…

Is 750 a good credit score for a mortgage?

This depends entirely on which credit reference agency assigned you a score of 750. There are three main ones in the UK: Equifax, Experian and TransUnion, and a score of 750 means different things at each one of them, as we have broken down below:

• Experian: Assigns credit scores of 0-999 and considers 750 score to be ‘fair’

• Equifax: Assigns credit scores of 0-1000 and considers 750 to be ‘good’

• TransUnion: Assigns credit scores of 0-710 and considers 750 to be ‘excellent’

As you can see above, a credit score of 750 can mean that your credit profile could be viewed as anything from excellent to fair from the perspective of mortgage lenders.

One thing to be aware of is that some lenders use only one of these credit reference agencies to help them assess mortgage eligibility. Others use a combination of them, and there are even UK mortgage providers who don’t use credit scoring at all.

In summary, if you were assigned a credit score of 750 by Equifax or TransUnion, you are likely to be considered highly eligible by lenders that use those agencies, but it is still possible to get a mortgage with a 750 score from Experian - who class it only as ‘fair’ - as not all lenders credit score.

Can you get a mortgage with a 750 credit score?

Yes. With a 750 credit score from Equifax or TransUnion you will be considered creditworthy by mortgage lenders who use those agencies to help them assess applications.

However, bear in mind that credit history is just one factor that mortgage providers take on board when assessing eligibility. They will also review the following variables:

• How much deposit you have

• The stability of your income

• Your age

• The type of property you’re buying

You will need at least 5-10% of the property’s value as a deposit regardless of your credit score, but putting down more could mean a better deal. Stable and well evidenced income, being under 75 and buying a ‘standard’ property type will help your cause too.

Your options with an Experian score of 750

While an Experian credit score of 750 is considered ‘fair’, it is still possible to get a mortgage if this agency has assigned this score to you, but there are lenders you might want to avoid, namely the ones that use Experian as their in-house credit reference agency.

In this scenario, you may wish to consider lenders who don’t credit score. These lenders are usually specialist mortgage providers who will still check your credit files for potential issues, but will take a broader view of your profile, rather than use a scoring system to rate you.

They are known to take the reason behind your credit score into account, and may be happy to accept a ‘fair’ rating if there is a good reason for it, such as having limited credit history because you are a first-time buyer living with parents, or you have just moved to the UK.

Tips to improve your mortgage application

Credit scores and credit history aren’t the only factors mortgage providers take into account when assessing eligibility, but with a credit score of 750, preparing a strong application could help you access a wider range of lenders and rates, even if your score is from Experian.

Here are some steps you can take to boost your chances of mortgage approval:

Put down extra deposit

You will need a deposit covering at least 5% of the property’s value to get approved for a mortgage, but putting down more than this (if you’re in a position to do so) can reduce the overall risk the lender is taking on and help you qualify for a more favourable deal.

Build credit where possible

There are quick ways to improve your credit position before applying for your mortgage. These fast fixes could increase your credit score beyond 750 and open up more options.

Ways to build and optimise your credit files include:

• Joining the electoral register

• Opening a UK bank account

• Ensuring all household bills are in your name

• Paying all bills and debts on time and in full

• Take out a credit builder card and use it responsibly
  
  

Check your credit files for errors

You can download your credit reports by accessing a free, cancel-anytime trial at Checkmyfile. This service gives you access to all three of the main UK credit reference agencies, and you should check your files with each of them for errors and inaccuracies.

If you spot anything that shouldn’t be there, including outdated information, be sure to flag it up with the relevant credit reference agency so they can remove it for you.

Speak to a mortgage broker

With a credit score of 750, there are some mortgage lenders you might want to avoid, especially if that score came from Experian, who flag it as middling.

But there could well be options available for you with lenders who don’t use that credit reference agency, and ones who don’t credit score at all. Our brokers have deep working relationships with these lenders and can introduce you to the best one for you.

Teito’s mortgage brokers have access to the entire market and can often arrange exclusive deals with lenders who don’t credit score. Get started with one of our advisers below:

Get mortgage advice tailored to your credit score

Get Started

What is the average mortgage rate for someone with a 750 credit score?

The interest rate you qualify for with a 750 credit score may vary depending on several factors. Firstly, the credit reference agency the score came from will play a part, as a 750 credit score from Equifax or TransUnion is considered positive, and therefore lenders who use that agency may view your application favourably.

Rates can vary with lenders who don’t credit score, as many of them are specialist providers who tend to have slightly higher rates than normal due to their flexible criteria.

The reason your credit score isn’t outstanding may also play a part in determining the rates you are offered. If it is the result of bad credit, this can drive up the rates you qualify for, but legitimate reasons such as having been living outside of the UK or being a first-time buyer who has only ever lived with parents could mean you are offered a standard rate.

Having a strong application can also boost your chances of landing a lower rate, so it’s a good idea to put down as much deposit as you’re able to, as this can reduce any risk.

Which mortgage lenders will be available to you?

If your credit score of 750 came from Equifax or TransUnion, mortgage lenders who use that credit reference may view your application favourably. These lenders include:

• Nationwide

• NatWest

• Kensington Mortgages

• Pepper Money

• Halifax

• Accord Mortgages

• TSB

• Aldermore

• Barclays

With a credit score of 750 from Experian, your best bet might be mortgage lenders who don’t use credit scoring to assess applications, such as the following:

• Pepper Money

• Bluestone

• Kensington Mortgages

• Scottish Building Society

• Furness Building Society

• Vida Homeloans

Please note that approaching any of these lenders directly is not recommended as this would limit you to just one range of products - speaking to a mortgage broker first will open up a wide range of options and increase your chances of securing your ideal mortgage.

Why choose Teito for your mortgage needs?

If your credit score is 750, it’s vital to speak to a broker before applying for a mortgage, and there are advisers on our team who specialise in clients with scores in this ballpark.

Our brokers have expert knowledge and access to the entire market, which makes them ideally placed to pair you with the mortgage lender who’s the best fit for your credit profile.

Here are just some of the reasons our customers choose us for their mortgage needs:

• Our brokers specialise in borrowers with credit scores in the 750 region

• Your first consultation is free with no obligation to proceed

• We are 5-star rated on leading review websites

• You can apply for an agreement in principle through us in minutes

Ready to take advantage of a free, no-obligation chat with a whole-of-market mortgage broker and explore what options are available to you? Get started here.