seven. Augment one problems in your credit file

To access the best mortgage deals it is important to have a good credit score. You can check your credit score for free with one of the main three credit reference agencies in the UK: Experian, Equifax and TransUnion. You can use your report to identify areas that you need to improve.

There are numerous steps you can take to improve your own score, and ensuring that all of your expenses try reduced on time and cutting your costs.

Read our ultimate guide to change your credit history for the full lowdown. We’ve also put together a 12-month package to a better credit score, which breaks it down into easy-to-follow steps.

5. Check in so you can choose

Before you make a mortgage application, make sure you are on the electoral register as this can improve your credit score by around fifty facts. It also allows lenders to check that you are who you say you are and make sure the details on your application are accurate.

If you are not registered to vote, you can sign up online. It only takes about five minutes and you’ll need your National Insurance number to hand. Check the Government’s website to see if you are eligible.

six. Keep your bill money

Another significant action you can take to improve your credit rating and you will odds of getting the app acknowledged is to keep costs costs.

Lenders will check your credit report to see how you’ve managed your finances in the past and use this data to predict your future behaviour. Missing just one payment can knock off around 130 products from your credit score. But if you have a good credit score and a solid history of repaying your bills on time, this will work in your favour.

Ideally, you want to pay your credit card balance off in full each month to avoid all interest and charges. But if this is not possible, you need to pay at least the minimal commission, so that your credit file isn’t affected. Consider setting up a direct debit so you never miss a payment.

For people who look at your credit report and acquire that it’s maybe not appropriate, make an effort to contact the lending company to get it updated. Otherwise, wrong information you will impression your credit score plus ability to get a mortgage.

Make sure details such as your name and target are demonstrating accurately, and you can dispute any mistakes (such borrowing from the bank online searches, affairs otherwise financial relationships) that you do not understand. Bear in mind that required few weeks having mistakes are up-to-date, according to the financial as well as the borrowing site agency, so that the at some point you look towards the which the higher.

8. Treat any dated monetary ties

If you have ever got a shared financial equipment having another person, this can let you know in your credit file. It’s not going to connect with your credit score however it may affect how lenders see you. And if you’re for the anyone who has a woeful credit background, it might be better to clean out ties with them from your own report which does not reflect poorly you.

First, ensure that the joint membership might have been signed. Upcoming contact the appropriate borrowing from the bank source organizations so you’re able to demand a good find from disassociation’ to eliminate people connections loan places Camden from your own credit file.

nine. Improve put

The higher your deposit, the lower the amount you’ll need to borrow from the bank. This is known as your mortgage to worthy of‘ (or LTV). Saving a large deposit can boost your chances of getting your mortgage application accepted because the bank is likely to feel more comfortable if you can put a lot of money down upfront (usually over 10% of the value). If the house value was to drop, you would be less likely to go into negative equity with a large deposit behind you.