7. Boost people errors 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 numerous things to do to improve your score, plus ensuring that all your valuable bills try paid back on time and you may lowering your bills.

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

5. Register in order to choose

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

Another important action you can take to boost your credit score and you will probability of having your app accepted is to keep statement 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 activities 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 commission, so that your credit file isn’t affected. Consider setting up a direct debit so you never miss a payment.

For folks who check your credit history and find that it’s not exact, you will need to get in touch with the financial institution to get it current. If you don’t, incorrect pointers you can expect to effect your credit rating and your power to rating a home loan.

Make sure facts such as your name and you will target is indicating correctly, and you may dispute one problems (instance borrowing hunt, situations or monetary relationships) you do not acknowledge. Bear in mind that required few weeks having errors as up-to-date, with respect to the financial therefore the borrowing from the bank site agencies, therefore, the sooner you look toward it the greater.

8. Remove one dated economic connections

If you have ever had a shared financial product having another person, this may tell you on your own credit history. It will not connect with your credit rating however it may affect just how lenders view you. So if you’re regarding the someone who has a woeful credit background, it will be best to cure connections together from your own declaration it cannot mirror poorly for you.

First of all, make sure the mutual account could have been signed. Following contact the appropriate borrowing from the bank resource enterprises in order to consult a beneficial installment loans in Nevada ‘observe out-of disassociation’ to eradicate any connections from your credit history.

nine. Enhance your put

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