7. Improve people mistakes on your 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 various actions you can take to boost your rating, including making certain all of your expenses are paid back timely and you will lowering your debts.

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

5. Register in order 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 fifty items. It also allows lenders to check that you are who you say you are and make sure the details on personal loans Long Beach WA no credit check 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 your costs repayments

Another essential thing you can do to improve your credit score and you may likelihood of getting the software approved is to try to keep your statement 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 individuals who look at the credit history and find it is not direct, you will need to get in touch with the financial institution to have it current. If you don’t, completely wrong information you are going to effect your credit rating and your capacity to rating a mortgage.

Make certain facts like your name and you may address are indicating correctly, and you can dispute any errors (including borrowing from the bank online searches, things otherwise financial relationships) that you do not understand. Be aware that it requires a few weeks getting errors to get up-to-date, according to lender and also the borrowing resource agencies, therefore, the sooner you appear into the that it the better.

8. Beat one old economic connections

If you’ve ever had a combined monetary unit with someone else, this may inform you on your credit report. It’s not going to affect your credit rating nevertheless make a difference to just how loan providers view you. And if you’re for the someone who has a poor credit records, it would be better to get rid of ties with these people regarding the report which doesn’t echo poorly on you.

To start with, make sure the mutual membership has been finalized. Upcoming get in touch with the appropriate borrowing source firms so you can demand an excellent find of disassociation’ to eliminate any connections from your own credit history.

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 financing so you’re able 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 security with a large deposit behind you.