In this brief guide we are going to discuss Mortgage lenders that use Equifax.

 Mortgage lenders that use Equifax?

  • Barclays mortgages
  • Halifax mortgages
  • Lloyds mortgages
  • Accord mortgages

The reality is that most mortgage lenders will use Equifax when determining your mortgage affordability.

Your credit score will also be relatively the same amongst all three credit bureaus.

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.

If you find an issue with your credit score or report then you can contact the credit bureau and report this.

A notice of correction will be put on the entry, informing the third parties who view your credit score that you are indeed disputing the information on the credit report.

Why looking Mortgage lenders that use Equifax is pointless?

Looking for mortgage lenders that use Equifax is essentially pointless.

Most mortgage lenders will use all three credit bureaus and looking for a particular mortgage lender who only uses Equifax will mean that you are marginalising yourself from a host of other mortgage lenders who use other credit bureaus and may offer you better mortgage rates.

The other reason why looking for only mortgage lenders who use Equifax is that all credit bureaus will usually hold similar data if not the same data and hence you may not find any advantage in looking for mortgage lenders who use only Equifax.

If you are adamant that looking for a mortgage lender who uses only Equifax will be beneficial to you then a mortgage broker could potentially help you in finding such a mortgage lender.

Use a mortgage broker

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 Mortgage lenders that use Equifax.

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.