How mortgage lenders use your credit score
A guide to credit score assessment by Furness Building Society
When applying for a mortgage, there is an important process of assessment and affordability with your chosen lender. During this period, mortgage lenders like us will usually undergo a number of different checks to better understand your credentials and affordability.
Essentially, we want to look into your finances to determine whether you’ll be able to keep up with your mortgage repayments both in the short and long term. Taking these necessary steps ensures we always lend responsibly and we have a duty of care to protect the interests of our members.
A huge part of this process is supported by the buyer’s credit report; lenders will take a look at a number of different aspects of this report, conducting both ‘hard’ and ‘soft’ credit searches before making their all important decision. In this article, we breakdown exactly what lenders see on your credit report and how we use this information to make that all-important decision.