The Cost of Your Credit Score

Find out how your credit score can impact the cost of your mortgage

THE COST OF YOUR CREDIT SCORE

To see how your credit score can impact what you pay back on a mortgage, simply enter your credit score and required mortgage amount below.

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The Cost of Your Credit Score

With a credit score of , you could pay more than if you had a 'clean' credit history.

Interest rates used are indicative of those available today. However, these can go up and down over the term of the mortgage, which will affect the total amount payable.

The difference between a “good” and a “bad” credit score could be the difference between making and missing payments on a mobile phone bill, loan or credit card, or just over-spending on credit and living off payday loans. These may feel relatively insignificant in isolation, but if they accumulate, they may have a big impact on the overall cost of your mortgage.

* There are many more factors in addition to your credit score that influence the interest rate you pay, but this is illustrative of the impact it could have. The calculations are reflective of capital and interest mortgages; the results will be different for an interest-only mortgage. 

Mortgage Funding

How mortgages are funded is constantly changing over time. If we look at government data, we can see that inheritance is a fast-growing source of funding in the last eight years. A gift from family or friends, often thought of as the “bank of mum and dad”, is one of the most notable rises.

Click the chart legend to add/remove different funding types.

Age of Homeownership

Government data shows that there has been a sharp decline in homeownership among under-35s since the early 1990s, whereas the opposite can be seen for over-65s.

Homeownership is becoming a more distant prospect for the younger generation, primarily as a result of rising house prices and deposits, as well as a shift in attitudes towards credit and saving for a first home.

Click the legend to add/remove the different age ranges from the chart.