Getting a Mortgage With an 900-950 Credit Score

With a credit score of 900-950, 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 rate 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 900-950 a good credit score for a mortgage?

This depends entirely on which credit reference agency assigned you a score of 900-950. There are three main ones in the UK: Equifax, Experian and TransUnion, and a score of 900-950 means very different things at each one of them, as we have broken down below:

• Experian: Assigns credit scores of 0-999 and considers 900-950 score to be ‘fair’

• Equifax: Assigns credit scores of 0-1000 and considers 900-950 to be ‘excellent’

• TransUnion: Assigns credit scores of 0-710 and considers 900-950 to be ‘excellent’

As you can see above, a credit score of 900-950 can mean that your credit profile could be viewed as excellent from the perspective of mortgage lenders, unless they use Experian for their credit assessment, in which case it will only be classed as ‘fair’.

However, it should be noted that a small increase to your Experian credit score would see it pushed into ‘good’ territory, as they rate scores of 961 or higher to be classed as this.

Do mortgage lenders use all of these credit reference agencies?

No. 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 900-950 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 900-950 score from Experian as some providers will have no problem with ‘fair’ credit rating and others don’t use credit scoring at all.

Can you get a mortgage with a 900-950 credit score?

Yes. With a 900-950 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.

What if your score came from Experian?

While an Experian credit score of 900-950 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 - i.e. the ones that use this credit reference agency to help them determine eligibility.

However, there are quick and easy ways to increase your credit score, and if you are able to bump it up to 961, Experian would then class it as being ‘good’.

If this isn’t possible, you may wish to consider lenders who don’t credit score, rather than run the risk of ending up with a provider who only views your credit position as ‘fair’.

These lenders are usually specialist lenders who will still check your credit files for issues, but will take a broad view of your application, 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 unconcerned about a ‘fair’ rating if there is an acceptable reason for it, such as having limited credit history because you are a first-time buyer currently living with parents, or you have just moved to the UK from overseas and therefore have limited address history here.

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 900-950, preparing a strong application can 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 900-950 and open up more options, including lenders that base their assessment on data from Experian.

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 below. This service gives you access to all three 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.

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Speak to a mortgage broker

With a credit score of 900-950, there are some mortgage lenders you might want to avoid, namely those who use data from Experian, who flag it as a ‘fair’ score.

But there will 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 across the market. Get started with one of our advisers below:

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What is the average mortgage rate for someone with a 900-950 credit score?

The interest rate you qualify for with a 900-950 credit score may vary depending on several factors. Firstly, the credit reference agency the score came from will play a part, as a 900-950 credit score from Equifax or TransUnion is considered ‘excellent’, and therefore lenders who use that agency may view your application favourably.

But the rate you qualify for will also depend on how much deposit you can put down, with the best ones kicking in at the 60% mark, and the overall strength of your application.

Rates available with a ‘fair’ credit score

If your 900-950 credit score came from Experian and you end up choosing a lender that bases their credit assessments on that agency’s data, rates may be less favourable, unless there are quick fixes you can apply to push your score up to 961 or above.

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.

However, by putting down extra deposit and having a strong application in other areas besides your credit score, it may be possible to access the best rates.

The reason your credit score is ‘fair’ 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.

Which mortgage lenders will be available to you?

If your credit score of 900-950 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

Lenders who don’t credit score

With a credit score of 900-950 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 900-950, 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 900-950 region

• They can suggest quick fixes to improve your credit score

• 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.