Best Answer: The Experian credit 'rating' is fairly arbitary. It is NOT the same as the credit scoring that will be used by a bank when assessing a mortgage application. Experian only supply factual information to lenders when a 'credit reference' is made, and it's up to the banks how they interpret this. Frankly, in my opinion, the Experian credit "score" and rating (and comparison with the rest of the country) helps no-one other than Experian sell more monthly subscriptions!
It is no secret that lenders are scaling back on mortgage approvals - this is due to a variety of negative factors including the cost of wholesale borrowing (high for many banks, despite low Bank Of England interest rates), higher capital requirements (the banks need to keep more cash on hand than they needed to previously owing to government intervention) and slow/reverse growth in house prices, leaving
the banks potentially more exposed to negative equity. Banks often use more than one credit reference agency when assessing a mortgage application - see http://redo.me.uk/freecreditreport
The credit "score" that you require for a mortgage will depend on the amount you want to borrow and your free income. They will also take into consideration your age, time in employment, type of employment (if you're a teacher you're seen as much more stable than if you were an actor, for example).
The deposit is all important: With a 25% deposit you are much more likely to be accepted than if you have 10%, and 5% mortgages are not really given to anyone at the moment.
So yes, it is possible to get a mortgage but remember there is a lot more to credit scoring than the information Experian show you.
Klauss B · 4 years ago