eight. Fix any problems on your own 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 many different actions you can take to improve their rating, along with making sure all bills try paid back promptly and you can lowering your costs.

Read our ultimate guide to improve your credit rating for the full lowdown. We’ve also put together a 12-week americash loans Berry bundle to a better credit score, which breaks it down into easy-to-follow steps.

5. Sign in so you can choose

Before you make a mortgage application, make sure you are on the electoral check in as this can improve your credit score by around 50 points. 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.

6. Keep expenses repayments

Another essential thing you can do to increase your credit score and you will odds of getting the software approved will be to keep expenses 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 situations 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 lowest percentage, so that your credit file isn’t affected. Consider setting up a direct debit so you never miss a payment.

If you check your credit report and acquire that it is perhaps not exact, just be sure to contact the lender to get it updated. Otherwise, incorrect guidance could perception your credit rating and your capability to score home financing.

Make sure that details such as your label and you will target is actually demonstrating correctly, and argument people problems (eg credit looks, factors otherwise financial contacts) you don’t recognise. Bear in mind that required weeks to have mistakes to be current, with respect to the lender therefore the credit reference institution, so the sooner you appear on the that it the higher.

8. Cure any dated economic links

If you have ever had a joint monetary device that have someone, this can reveal in your credit file. It’s not going to apply to your credit score nonetheless it can affect how lenders see you. And if you’re associated with the someone who has a dismal credit background, it will be far better reduce links with these people of the statement that it will not reflect poorly for you.

To begin with, make sure the shared membership has been finalized. Then contact the appropriate credit source providers to help you demand a good notice regarding disassociation’ to remove any ties out of your credit report.

9. Increase your deposit

The higher your deposit, the lower the amount you’ll need to borrow from the bank. This is known as your loan to well worth‘ (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 guarantee with a large deposit behind you.