Personal credit ratings have a huge impact on whether or not mortgage applications are successful, so before applying always make sure your credit score is excellent.
Knowing your current rating is the best place to start. With a clear picture of how you look to lenders, you’ll be able to easily chart any improvements you make.
Check all the information in your report is current and correct. Credit cards and accounts should be detailed, and any loans should be listed. If any information is inaccurate, inform the credit reference agency immediately.
If you haven’t previously borrowed, your score may be poor as there is no evidence you can manage debt. Apply for a credit card and fully repay the balance every month.
Defaulting on payments will lower your score, so set up direct debits so you can’t miss them.
Joint accounts with ex-partners or even shared utility bills with flatmates can impact your rating, so any financial links that no longer exist should be broken.
Adding yourself to the electoral role will improve your score drastically. Being registered to vote at your present address can boost your score by 50 points, with lenders easily able to confirm your identity.
When you’ve improved your credit score and need an expert mortgage advisor, you can rely on Ingard. From your initial enquiry right through to completion, you’ll have specialist assistance in your corner. Contact us today and take your first steps to secure your new home.
