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 many different actions you can take to improve your own score, together with ensuring that all bills was reduced promptly and you can cutting your costs.

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

5. Check in to help you vote

Before you make a mortgage application, make sure you are on the electoral check in as this can improve your credit score by around fifty activities. 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 statement repayments

Another important action you can take to boost your credit rating and you can chances of getting your software approved is to try to keep bill 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 points 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 lowest commission, so that your credit file isn’t affected. Consider setting up a direct debit so you never miss a payment.

If you look at the credit report and get that it’s not right, try to contact the financial institution to get it updated. Or even, incorrect recommendations you may effect your credit score plus capacity to rating a mortgage.

Guarantee that facts such as your name and you can address try appearing accurately, and you can argument people errors (such as for instance borrowing from the bank hunt, items or financial relationships) that you don’t recognise. Keep in mind it takes few weeks to have errors are current, with regards to the lender together with borrowing from the bank resource company, therefore the eventually you look to the which the greater.

8. Reduce any old economic connections

If you’ve ever had a shared financial device having another individual, this may let you know on your own credit file. It will not affect your credit score but it make a difference to just how loan providers view you. So if you’re of the someone who has a poor credit background, it might be far better clean out ties together out of your own report so it cannot echo poorly on you.

To start with, make sure the mutual membership could have been finalized. Upcoming contact the relevant borrowing from the bank resource agencies so you’re able to request a beneficial see out of disassociation’ to remove one connections from your credit file.

9. Improve put

The higher your deposit, the lower the amount you’ll need to borrow from the bank. This is known as your loan to 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 http://paydayloanalabama.com/alabaster/ into negative collateral with a large deposit behind you.