Improve your chances of getting a mortgage

Having a deposit and earning a salary that covers repayments is important but not the only area a lender will look at. Having a good credit score is also important. Whilst each mortgage lender will have different criteria we have listed a few hints that can help improve your credit score.

Credit cards – Having a credit card is viewed as a positive by lenders as it shows you are used to credit, but only if it is well managed. Paying off your credit card each month will improve your score. Perversely if you haven’t got a credit card applying for one can actually help your score, but make sure you clear the balance every month.

Electoral Register – Make sure you are registered on the Voter’s Role at your current address. Lenders like to know who you are and where you live. To do this contact, your local council - you can do this online.

Payments and withdrawals – Your lender will want to look at your bank statements.  Payments to “Pay Day Loan” companies and On-Line Betting Agents are not looked upon favorably. In addition, cash withdrawals from credit cards should be avoided. Of course, missed payments and unauthorised overdrafts are a big no-no.

Other applications – Loans, credit and even car insurance and mobile phone applications will leave a footprint on your credit file. Whilst we all have them, too many may reduce your score.

Your credit file – Download a copy of your credit file online and dispute any incorrect information. For a free 30 day trial click here.

After this subscription is £14.99 per month. Subscription can be cancelled at anytime so don’t forget to cancel if you don’t need it.

 
 
 

Your home may be repossessed if you do not keep up repayments on your mortgage.

There will be no fee for Mortgage Advice. There may be a fee for arranging a mortgage. The precise amount will depend upon your circumstances, but we estimate it to be £399.

Mortgage Required Ltd, Finance House, 5 Bath Road, Maidenhead, SL6 4AQ is authorised and regulated by the Financial Conduct Authority reference 573718 at www.fca.org.uk.

The Financial Ombudsman Service is an agency for arbitrating on unresolved complaints between regulated firms and their clients. More detail can be found on their website: www.financial-ombudsman.org.uk