seven. Boost people errors on your own credit file

To access the best mortgage deals it is important to have a good credit 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 steps you can take to improve the get, together with making certain that your entire expenses was paid punctually and you may cutting your debts.

Read our ultimate guide to change 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 so you can 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 items. 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. Maintain your costs repayments

Another important thing you can do to increase your credit score and you will chances of having your software recognized is to try to keep your 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 affairs from $255 payday loans online same day South Carolina 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 people who check your credit file and find that it’s perhaps not direct, you will need to contact the lender to get it current. Or even, incorrect advice you’ll impact your credit rating along with your capability to rating a home loan.

Make certain that info such as your name and target are appearing truthfully, and you can conflict one problems (such borrowing from the bank lookups, points otherwise financial connectivity) that you don’t recognise. Bear in mind that it can take weeks to have problems to-be updated, with regards to the bank as well as the credit reference institution, so the eventually you look with the that it the better.

8. Clean out one dated financial ties

If you have ever got a shared monetary equipment that have another person, this can inform you in your credit history. It’s not going to apply at your credit rating but it make a difference how lenders see you. And if you are regarding the somebody who has a poor credit record, it will be best to remove links using them out of your report this does not echo defectively you.

First of all, make sure the joint membership has been finalized. Then get in touch with the relevant credit source companies to help you demand an effective see out-of disassociation’ to remove one connections from your own credit history.

9. Raise your deposit

The higher your deposit, the lower the amount you’ll need to borrow from the bank. This is known as your loan to help you value‘ (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 guarantee with a large deposit behind you.