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 boost your own rating, and making certain your expenses are paid down punctually and lowering your expenses.

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

5. Register 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 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 qualified.

six. Keep statement money

Another essential action you can take to increase your credit score and probability of getting the software approved is to keep the costs repayments.

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

For folks who look at your credit file and get that it’s not perfect, make an effort to contact the lending company to have it https://paydayloanalabama.com/centre/ updated. If you don’t, completely wrong suggestions you may impact your credit rating as well as your capability to rating a home loan.

Make sure that details like your term and you will target try showing accurately, and argument people problems (including borrowing hunt, situations or economic associations) you do not acknowledge. Be aware that it can take several weeks having problems to-be upgraded, according to the lender additionally the borrowing reference agencies, therefore, the eventually you look toward that it the better.

8. Treat any dated economic links

If you’ve ever had a shared economic equipment that have another individual, this may let you know on the credit history. It will not affect your credit rating but it make a difference just how lenders see you. And if you’re associated with somebody who has a poor credit history, it might be better to cure connections with these people regarding your statement so it does not mirror improperly you.

To start with, ensure that the shared account might have been signed. After that contact the appropriate borrowing from the bank resource enterprises to request a beneficial observe of disassociation’ to get rid of people links from your credit file.

nine. Increase your deposit

The higher your deposit, the lower the amount you’ll need to borrow from the bank. This is known as your financing to help you 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 security with a large deposit behind you.