How can we help?

Have a Question?

By using this form you agree with the storage and handling of your data by this website. View the terms of our policy here.

Call our team

Tyne & Wear: 0191 491 0344
Teesside: 01642 312 312
Darlington: 01325 353 222

Letting a Property? Free Rental Valuation

Click here

A Guide to Understanding Your Credit Score From Our Financial Experts

This entry was posted on Tuesday, November 27th, 2018 by Nigel Fitzakerley


What Exactly Is A Credit Rating?

To put it simply, a credit score is a rating of how reliably you handle your debts. Lenders will look at your score and credit history when considering whether to give you a loan, as it helps them to get an idea of how likely you are to pay them back on time, and whether they stand to make a profit or a loss.

There’s a popular misconception that there’s one universal score for everyone, but this isn’t the case. There are actually multiple credit agencies, all of whom may hold slightly different scores, depending on the criteria they use to calculate your rating. There are three major credit reference agencies in the UK: Experian, Equifax, and Callcredit.

How Mortgage Lenders Use Your Score?

There’s no fixed threshold that your credit score needs to meet for you to be accepted for your first mortgage. Rather, lenders will consider every aspect of your application, including your credit score and history, and then make a decision. As such, it’s not easy to tell when a score is going to be the reason for a rejection.

Remember, while there’s no doubt that your credit score can have an impact on your chances of being accepted, it’s still just one part of your overall application. While a lower score may mean you’re less likely to be accepted, it’s by no means a guarantee that you’ll be rejected: lenders will also look at things like your salary, savings, and overall security. Likewise, having a great score may count in your favour, but it won’t help if you don’t meet the lender’s affordability criteria.

What The Mortgage Genie Has To Offer:

  • Free advice
  • Access to over 80 lenders including high street banks, specialist lenders and private banks.
  • Support and advice throughout the duration of your mortgage
  • A mortgage Genie decision in principle (free service based on expert knowledge and this does NOT affect your credit score)
  • Extended opening hours (8am – 8pm)
  • We cover whole of market
  • All advisers have over 5 years experience
  • Not only do we advise on all your mortgage needs we offer entirely free insurance guidance. This includes life insurance, criticall illness cover, income protection, family income benefit & whole of life cover.


If you have any further queries or would like us to assist with your eviction please contact The office on 0191 491 0344 option 2

Katie Wybrant & Chantelle Chalmers
Sales & Investments Department

NGU Home Lettings are here to help ...

Send us your property enquiry

Esta Awards

Want to Save Money in 2019?

As a landlord it’s becoming increasingly difficult to make money in property. So for the next year our aim is to save landlords money!