It is important to note that a high credit score, such as a 999 on Experian or Equifax, does not necessarily guarantee approval for a mortgage in the UK. While a strong credit score can certainly be beneficial, it is just one factor that lenders consider when evaluating a mortgage application. In fact, over 90% of lenders have their own internal credit scoring system that applicants must meet in order to be approved for a mortgage. It is worth noting that these internal credit scoring algorithms are typically kept secret by lenders, so it is difficult to know exactly what factors they consider. However, some factors that are known to impact a borrower’s internal credit score include the loan-to-value ratio, income level, and the level of outstanding debts. Ultimately, the best way for borrowers to improve their chances of being approved for a mortgage is to pay bills on time and keep other debts to a minimum.  Finally, obtain a copy of your credit report, as this will help a broker place you with the correct lender.   This link gives you a free 30-day trial.

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