Every Quote Is Free & Confidential  What Is A Good Credit Score UK Out Of 700?Good credit scores begin at around 420, with excellent scores over 465 |
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Equifax is one of the UK`s leading credit agencies and have scores ranging from 0-700,anyone with a credit score under 380 is considered to have a poor credit rating while a fair rating would be anyone with a score between 380-419. A good credit score is around 420-465 while an excellent credit score is anyone with a score over 465.
Your credit score will impact on the amount of borrowing options you have available as well as the cost of any funds you borrow. First Choice Finance have access to lenders who offer low rate loans and mortgages for people with good or excellent ratings as well as borrowing options for people who may have a lower score, even if rejected by other lenders.
How is your credit score calculated
As discussed your credit score will vary depending on the scoring system implemented by the credit agency or lender, that said these different scoring systems will be using similar factors that will affect the credit score, these include missed payments on existing debts, number of finance applications, CCJ`s, going over your credit limit, employment history and your residential status.Can I Remortgage With Bad Credit - First Choice Finance`s panel of lenders has helped thousands of people to find quality mortgages and remortgages for new home purchases, refinances, home equity, and debt consolidation for over 30 years. First Choice Finance brings to you the ability to choose from a multitude of different mortgage programs from a multitude of different lenders around the UK, including those lenders offering mortgage and remortgage plans for people with a poor credit score. Our panel of lenders will help you to find the loan that best fits your needs.
The power of the internet has enabled First Choice Finance to deliver a broad range of mortgage products that makes getting a mortgage loan easier and faster than ever before. It`s as easy as 1-2-3 and takes just 10 minutes to apply. One of our qualified mortgage advisers will contact you after your application has been submitted to our web site. We will have several different mortgage scenarios for you to choose from and we will help you to pick the mortgage loan that best fits your needs.
Whether you are a first-time home buyer, moving to another home or refinancing your current home loan, First Choice Finance`s network of experienced lenders and their representatives will help you to find the loan that will help you to mortgage your home. First Choice Finance`s goals are to provide its customers with quick and easy quality mortgage advice with the highest quality of service. We strive to educate our customers so that they know as much about the loan that they are getting as we do.
How are interest rates determined? - Interest rates fluctuate based on a variety of factors, including inflation, the pace of economic growth, and bank of Englands interest rates. Over time, inflation has the largest influence on the level of interest rates. A modest rate of inflation will almost always lead to low interest rates, while concerns about rising inflation normally cause interest rates to increase. THe interest rate will also vary depending on your unique circumstances, if you have an excellent credit score you will receive a lower rate than someone who may have an adverse credit rating.
What is an variable rate mortgage? - A variable rate mortgage, is a loan type that offers a lower initial interest rate than most fixed rate loans. The trade off is that the interest rate can change periodically, usually in relation to an index, and the monthly payment will go up or down accordingly.
Against the advantage of the lower payment at the beginning of the loan, you should weigh the risk that an increase in interest rates would lead to higher monthly payments in the future. It`s a trade-off. You get a lower rate with a variable rate mortgage in exchange for assuming more risk.
What is the maximum percentage of my home`s value that I can borrow? - The maximum percentage of your home`s value depends on the purpose of your loan, how you use the property, and the loan type you choose, so the best way to determine what loan amount we can offer is to complete our on-line application and we can give you a no obligation free quote.
Will an inquiry about my credit affect my credit score? - An initial enquiry to First Choice will not impact your credit score as we will not do any credit check until we are ready to proceed with a mortgage offer we have discussed to you. An abundance of credit inquiries can sometimes affect your credit scores since it may indicate that your use of credit is increasing.
What is a credit score and how will it affect my application? A credit score is one of the pieces of information that we`ll use to evaluate your application. Financial institutions have been using credit scores to evaluate credit card and auto applications for many years, but only recently have mortgage lenders begun to use credit scoring to assist with their loan decisions.
Credit scores are based on information collected by credit agencies and information reported each month by your creditors about the balances you owe and the timing of your payments. A credit score is a compilation of all this information converted into a number that helps a lender to determine the likelihood that you will repay the loan on schedule. The credit score is calculated by the credit agency, not by the lender. Credit scores are calculated by comparing your credit history with millions of other consumers. They have proven to be a very effective way of determining credit worthiness.
Some of the things that affect your credit score include your payment history, your outstanding obligations, the length of time you have had outstanding credit, the types of credit you use, and the number of inquiries that have been made about your credit history in the recent past.
Credit scores used for mortgage loan decisions range from approximately 300 to 700. Generally, the higher your credit score, the lower the risk that your payments won`t be paid as agreed.
Using credit scores to evaluate your credit history allows us to quickly and objectively evaluate your credit history when reviewing your loan application. However, there are many other factors when making a loan decision and we never evaluate an application without looking at the total financial picture of a customer.
How do you decide what you need from me to process my loan? We take full advantage of an automated underwriting system that allows us to request as little information as possible to verify the data you provided during your loan application. Gone are the days when it was necessary to verify every piece of data collected during the application. The automated underwriting system compares your financial situation with statistical data from millions of other homeowners and uses that comparison to determine the level of verification needed.
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Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk
Established In 1988. Company Registration Number 2316399. Authorised & Regulated By The Financial Conduct Authority (FCA). Firm Reference Number 302981. Mortgages & Homeowner Secured Loans Are Secured On Your Home. We Advice Upon & Arrange Mortgages & Loans. We Are Not A Lender.
First Choice Finance is a trading style of First Choice Funding Limited of 54, Wybersley Road, High Lane, Stockport, SK6 8HB. Copyright protected.
