eight. Augment one problems on your own credit reports

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 activities to do to improve their rating, also making sure all of your current bills is actually paid back timely and you can cutting your expense.

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

5. Sign in in order to 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 circumstances. 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 the statement money

Another significant thing you can do to increase your credit rating and you can probability of having your application acknowledged should be to maintain your 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 factors 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 payment, 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 report and find that it’s maybe not direct, make an effort to get in touch with the lending company to have it current. If not, incorrect pointers you’ll impact your credit rating as well as your capability to rating a mortgage.

Guarantee that facts just like your identity and you can address is actually showing precisely, and you may disagreement people mistakes (such as for example borrowing looks, situations or monetary relationships) you do not acknowledge. Keep in mind it takes weeks to possess mistakes getting current, depending on the bank additionally the borrowing reference service, so that the fundamentally you appear into which the better.

8. Remove one old economic ties

If you’ve ever had a mutual economic device that have someone else, this can show on your credit file. It’s not going to affect your credit rating it can affect exactly how lenders view you. And if you are on the someone who has a poor credit records, it will be far better cure ties with these people from your own report so it does not reflect badly you.

First of all, ensure that the joint membership might have been closed. Following contact the appropriate credit resource enterprises so you can demand an effective see away from disassociation’ to get rid of one links from your own credit file.

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 in order 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 collateral with a large deposit behind you.