seven. Boost one mistakes in your credit file

To access the best mortgage deals it is important to have a good credit get. 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 things to do to improve the rating, plus ensuring that all expense is actually paid down punctually and you can lowering your costs.

Read our ultimate guide to replace your credit score for the full lowdown. We’ve also put together a 12-day plan to a cash advance america in Bay Minette Alabama better credit score, which breaks it down into easy-to-follow steps.

5. Sign in so you’re able to choose

Before you make a mortgage application, make sure you are on the electoral sign in as this can improve your credit score by around 50 things. 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. Maintain your statement costs

Another significant thing you can do to improve your credit rating and likelihood of getting your software recognized is to try to keep expenses 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 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 individuals who look at your credit report and acquire that it’s maybe not perfect, just be sure to get in touch with the financial institution to have it upgraded. Otherwise, completely wrong advice you can expect to effect your credit score along with your capacity to score a mortgage.

Guarantee that information just like your name and you can address is actually demonstrating accurately, and disagreement people errors (eg credit lookups, items or financial connectivity) that you don’t understand. Bear in mind that it requires weeks to own problems becoming upgraded, with regards to the lender in addition to borrowing reference agencies, and so the sooner or later you appear with the this the higher.

8. Eradicate people old financial links

If you have ever had a joint monetary unit with another individual, this may let you know on the credit report. It will not apply at your credit rating however it may affect exactly how loan providers view you. And if you are regarding the anyone who has a woeful credit records, it might be far better eradicate ties together with them of your statement that it doesn’t reflect improperly on you.

First and foremost, ensure that the mutual membership has been signed. Next get in touch with the appropriate borrowing from the bank source agencies in order to demand a good see out of disassociation’ to get rid of people ties from the credit history.

9. Boost your put

The higher your deposit, the lower the amount you’ll need to borrow from the bank. This is known as your mortgage 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.