seven. Fix one errors on your own credit history

To access the best mortgage deals it is important to have a a good credit score 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 different things you can do to boost the rating, together with making sure all your valuable debts was reduced on time and you may cutting your debts.

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

5. Sign in so you’re able to vote

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

6. Keep expenses money

Another essential thing you can do to boost your credit rating and odds of getting your software acknowledged is to maintain your bill payments.

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 minimal fee, 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 find it is perhaps not exact, you will need to contact the financial institution to get it updated. Or even, incorrect suggestions you certainly will impact your credit score as well as your capability to rating home financing.

Guarantee that details like your label and address try demonstrating accurately, and you will dispute people mistakes (such as for instance credit hunt, products otherwise economic relationships) that you do not recognise. Bear in mind that it takes weeks to possess problems to-be current, according to the bank as well as the borrowing from the bank site service, therefore, the in the course of time you look into so it the greater.

8. Eradicate people old financial connections

If you’ve ever got a joint financial unit which have another individual, this may tell you on your own credit report. It’s not going to affect your credit rating nevertheless make a difference how https://paydayloanalabama.com/bellamy/ lenders see you. And if you’re of the someone who has a dismal credit record, it will be better to lose links with these people away from your own statement that it will not reflect defectively for you.

Firstly, make sure the combined membership might have been closed. Upcoming get in touch with the appropriate borrowing from the bank resource enterprises so you’re able to request a observe out of disassociation’ to remove one connections from the credit history.

9. Boost your deposit

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