Knowing what a credit score consists of is the first thing. All mortgage lenders have their own credit score which designed to capture business which fits their lending profile.
The exact methodology is secret but we know that in broad brush terms the score is arrived at by considering the following;
However, scoring varies amongst the banks and Building Societies and and there are many additional sources of information that are weighted differently between mortgage lenders.
If you are a well paid, self-made business person you might have more wealth than your neighbour but if your income relies on self employment you might find yourself getting less points than you might expect. Lenders like stability and they generally equate that with long term employment.
Taking into account all of the above, it may surprise you to find that having a mortgage actually increases your credit score, especially once a few years of regular payments have gone by and more especially if your home’s value is growing. Your mortgage becomes an asset, in credit terms at least.
If you need to check your credit history consider contacting one of the major credit agencies like Equifax, Experian or Call Credit - or view this short video for more information.
For more information contact us or speak to a mortgage adviser on 01628 507477.
 
Forbes has published a global ranking of stunning locations and one popular picturesque corner of the UK has nabbed top spot.
 
Over three years after the Mini-Budget took place, we look at what the mortgage market looks like now, showing the difference in mortgage repayments.
 
The government has announced plans to make buying or selling a home cheaper and quicker with what is being called the “biggest shake-up to the homebuying system in this country’s history.”
24 days ago
 
Almost one in five equity release mortgages are now taken out to provide financial support to family.
26 days ago
 
According to industry data, the expected wait for those looking to buy a property has dropped from just over 11 months to less than six months.
 
It is common for your first mortgage payment to be higher than your subsequent monthly payments for two reasons.
24 Sep 2025
 
Firstly, a big congratulations, you’ve now exchanged contracts! After weeks and months of waiting, you are about to move in. What should you do first?
 
The chancellor will deliver her second budget this autumn. Due to slow economic growth and high inflation, the government need to manage a £40 billion shortfall in public finances. There have already been reports about changes to taxes including income tax and capital gains tax.