Analysis of 4,000 homebuyers by Mojo Mortgages has revealed that Nottingham is the UK’s most mortgage-ready city.
The mortgage broker analysed the homebuyers’ data to rank 30 towns and cities in terms of the average mortgage readiness of their inhabitants with scores out of 1,000. Nottingham scored first place with 694, closely followed by Stockport at 684 and Basildon at 669.
Hull (600), Bolton (595) and Manchester (591) are all mid-ranking but, at the other end of the scale, Wolverhampton is the least ‘mortgage-ready’ with a score of 514. Wolverhampton accompanies Bristol (545) and Birmingham (562) at the bottom of the table.
According to the broker, people with scores between 400 and 500 are mortgage-ready but may require specialist lending products. The ideal score is 600, where customers gain access to the broadest range of mortgage products and therefore, a better chance of getting a good deal.
In January, Mojo is planning to launch MortgageScore™ to support customers who want to improve their chances of securing the best possible mortgage.
Richard Hayes, chief executive and co-founder of Mojo Mortgages, said: “A staggering 83% of our customers didn’t know whether they had a good enough credit score to get a mortgage. By launching this new service, customers won’t be left in the dark about what they need to do to get mortgage-ready.”
Mortgage readiness (best to worst)
| Town/city | Mortgage score (out of 1,000) |
| Nottingham | 694 |
| Stockport | 684 |
| Basildon | 669 |
| Cambridge | 655 |
| Ilford | 644 |
| Leicester | 629 |
| Derby | 624 |
| Milton Keynes | 621 |
| Southampton | 613 |
| Liverpool | 611 |
| Reading | 611 |
| Northwich | 605 |
| Hull | 600 |
| Bolton | 595 |
| Manchester | 591 |
| Stoke-on-Trent | 590 |
| Edinburgh | 588 |
| Leeds | 586 |
| Glasgow | 585 |
| London | 581 |
| Macclesfield | 580 |
| Bradford | 580 |
| York | 576 |
| Coventry | 572 |
| Peterborough | 570 |
| Sheffield | 568 |
| Luton | 562 |
| Birmingham | 562 |
| Bristol | 545 |
| Wolverhampton | 514 |
