@magicmoneytips: How important is your credit score when applying for a mortgage? 🏡💳 Let’s break it down. Yes, your credit score is important. Lenders use it to check how you’ve managed credit in the past—whether you’ve made payments on time, kept your balances under control, and avoided things like payday loans or defaults. A strong score definitely helps your application, because it shows you’re a lower risk. But here’s the truth most people don’t realise: your credit score alone doesn’t get you the best mortgage rate. What really matters is whether you fit the lender’s specific lending criteria. Every bank and building society has its own affordability calculator. They look at things like your income, outgoings, debts, dependents, even the type of property you’re buying. You could have a perfect credit score, but if you don’t meet their affordability rules, they won’t offer you their best deals. On the flip side, even with just a “good” score—not perfect—you could still qualify for some of the lowest rates if you fit their criteria well. So, think of it like this: your credit score gets you in the door, but the lender’s criteria decide which room you end up in. If you want the best rates, it’s about the whole picture—your score, your income, and your financial stability all working together. That’s the real key to mortgage success. 🔑 #MortgageTips #MoneyTips #FinancialEducation #CreditScore #SmartMoney

MagicMoneyTips | Kevin White

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Sunday 17 August 2025 07:53:00 GMT