seven. Enhance one mistakes on your own credit file

To access the best mortgage deals it is important to have a a good credit score rating. 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 things you can do to boost the score, including making sure all your costs was paid off punctually and you may cutting your costs.

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

5. Register so you can vote

Before you make a mortgage application, make sure you are on the electoral sign in as this can improve your credit score by around fifty situations. 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 expenses payments

Another significant action you can take to increase your credit score and you may likelihood of getting your app acknowledged will be to keep bill money.

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 things 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 fee, so that your credit file isn’t affected. Consider setting up a direct debit so you never miss a payment.

For many who check your credit file and acquire it is perhaps not precise, you will need to contact the lending company to have it current. If you don’t, wrong pointers could impact your credit score plus power to rating a mortgage.

Make sure information just like your identity and you can target was proving truthfully, and you can dispute any mistakes (particularly borrowing searches, points or financial connectivity) that you don’t recognise. Bear in mind that it will take several weeks having problems as up-to-date, depending on the bank and borrowing from the bank reference agencies, therefore the sooner you appear to your so it the higher.

8. Eliminate people old economic connections

If you have ever had a combined economic device with someone, this can let you know on your credit report. It won’t connect with your credit rating but it make a difference to exactly how loan providers view you. And if you’re from the someone who has a poor credit background, it might be best to remove links with these people off your own statement this cannot reflect badly you.

To begin with, ensure that the combined membership has been signed. After that contact the relevant credit source firms so you can demand a beneficial notice regarding disassociation’ to eradicate any links from your credit report.

nine. Enhance your put

The higher https://paydayloanalabama.com/carbon-hill/ your deposit, the lower the amount you’ll need to borrow from the bank. This is known as your loan in order 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 equity with a large deposit behind you.