In this brief guide, we are going to discuss the “Halifax mortgage credit score cut off”.

What is the Halifax mortgage credit score cut off?

Halifax does not state what their credit score cut off line is and as you may imagine the Halifax credit score cut off will likely differ based on the Halifax mortgage product you are after and your personal circumstances as a borrower.

How does Halifax review your credit score?

When you apply for a Halifax mortgage, Halifax will carry outa credit check on you using the information you have provided in the mortgage application form.

This includes:

  • Your full name
  • Your date of birth
  • Your current and previous addresses

You will have consented to a Halifax credit check and they will use the information on your credit file to determine your creditworthiness and eligibility for a Halifax mortgage.

Aside from this information, if you have or have had a credit account with Halifax in the past, they will also use the data from this account when determining your creditworthiness.

Halifax will get your credit score and credit history from one or all of the three credit bureaus.

These include:

Experian Ltd,

Customer Support Centre, Nottingham,

PO Box 8000, NG80 7WS

Telephone: 0344 481 0800 or 0800 013 8888

www.experian.co.uk

Email: [email protected]

Callcredit Limited, Consumer Services,

PO Box 491, Leeds LS3 1WZ

Telephone: 0845 366 0071 or 0330 024 7574 (option 7)

www.callcredit.co.uk

Email: [email protected]

Equifax Limited, Customer Service Centre,

PO Box 10036, Leicester LE3 4FS

Telephone: 0800 014 2955 or 0333 321 4043

www.equifax.co.uk

You can also check your credit score and history from all credit bureaus and ask for a notice of correction if you find anything which is wrong or incorrect.

If you are unsure of what your credit score is then you should check your credit score from the four credit bureaus in the UK: Experian, Crediva, Equifax and Transunion.

Some of these credit bureaus may charge you a fee to view your credit report so what you can alternatively do is request a statutory credit report which is a free credit report which each credit bureau must provide to you upon you requesting it.

Alternatively, you can also use credit score services such as Checkmyfile and clearscore to check your credit report.

Halifax gives each information which they collect from your credit data a score and adds it up to determine your creditworthiness.

If the data points and total score surpass the Halifax internal criteria then they will give you a mortgage, if it doesn’t then they will not but they will usually manually underwrite your application to see what they can do to get you over the line, if at all possible.

If Halifax rejects your application due to your credit score?

Halifax will always tell you why they have rejected your mortgage application and whilst this may not be primarily always due to their credit score cut off threshold, it is always worth doing what you can to maintain a good credit score.

Halifax will give you one of or any combination of the below reasons as to why they have rejected your mortgage application;

“ Your credit score – which may show that the risk of lending

to you is too high.

• Their policy on lending – for example, you may not meet their

lending criteria.

• Information held by a credit reference agency that shows

any adverse credit history.  “

What to do if your Halifax mortgage was rejected?

If your Halifax mortgage application gets rejected and you feel this was due to a Halifax mortgage credit score cut off then you may be able to appeal to Halifax if you feel the decision was made in error and you can supply new information to prove this.

Without providing new information or information showing how the data Halifax or any third party held about you was wrong then it is very unlikely that Halifax will be able to review their original decision.

If you want to appeal about your mortgage decision, please

write to the following address to tell Halifax  why you think the decision is wrong:

Mortgage Underwriting Team

Lloyds Banking Group

Barnwood 1

Barnett Way

Gloucester

GL4 3RL

If you applied for a mortgage through a mortgage broker then please

contact your mortgage broker who should upload your new

information with a supporting letter to the Intralinks website.

Use a mortgage broker

If your Halifax mortgage application was rejected then you may want to consider using a mortgage broker who will be able to assist you in getting a mortgage offer.

Mortgage brokers are important as they can access mortgage products from across the whole of the market in some cases.

This could be over 11,000 mortgage products. This may have some advantages rather than going directly to a mortgage lender.

A mortgage broker will look to understand your financial circumstances and then provide recommendations on which mortgage products may be suitable for you based on your mortgage affordability.

After giving you these mortgage recommendations, most mortgage brokers will seek your consent to apply for a mortgage in principle. 

This will allow you to shop for your home easier as more estate agents and sellers may take you seriously or it will give you confidence that your mortgage is indeed a possibility before you make a full mortgage application. 

Once you have found a home you want to buy and are satisfied with the mortgage offer for your mortgage then the mortgage broker will then look to get you a mortgage offer.

This will come with a key facts illustration document which details out the features of your mortgage including how much you will pay per month.

It will also contain information on if there are any limits such as early repayment fees, or annual overpayment limits.

If you are happy with everything you can then go on to secure your mortgage with the help of a conveyancer.

Your conveyancer will manage the legal searches on the property to ensure there aren’t any issues with it.

They will oversee the sales agreement to ensure it is in your best interest, they will manage the transfer of mortgage funds, exchange contracts with the seller or their conveyancer and set a completion date with the seller or their conveyancer.

In this brief guide, we discussed the “Halifax mortgage credit score cut off”.

If you have any questions or comments please let us know.

John Bate

John has 22 years of experience in financial services. This spans across financial research, financial services (As a qualified mortgage broker and underwriter), financial trading and sales at global investment banks. While working as a publishing research analyst, he covered European bank credit and advised institutional clients on investment strategies at both JP Morgan and Societe Generale. John has passed all three levels of the CFA (Chartered Financial Analyst) programme.