How could your credit file help you to get a good mortgage deal?

There are plenty of things to think about when it comes to getting a mortgage. Should you be using the Help to Buy scheme? How will the new interest rates affect what you can afford? And, will your credit report affect your application?

All this taken into consideration, getting a good deal on a mortgage is must.

Mortgage applications can take a while to prepare so it’s good to start thinking about it early on so you can make changes that will make your application more likely to succeed.

So, what can you do to make sure your credit file improves your chances?

Check what mortgage lenders will actually see

If you’re not entirely sure what your credit report currently looks like or you are buying with someone else who’s credit history you are not aware of then it’s a good idea to review your Credit Report to assess what mortgage lenders are going to see. Typically, the better your track record of making payments the more likely you are to be trusted with making mortgage payments which means access to better mortgage products, meaning lower monthly payments and a lower interest rate.

Make sure you are registered on the Electoral Roll

You can improve your creditworthiness by making sure you are registered on the Electoral Roll at your current address.

Make sure all personal information is correct

It is a good idea to get any personal information updated ASAP before you apply for a mortgage, your name and current address are two of the most important things that need to be correct.

Check that your accounts are all reported correctly at your current address and update any that aren’t with your lenders at least 6 weeks before you intend to make a mortgage application – you will need to provide several forms of documentary evidence as part of the application, including being able to verify that you live at your current address.

Find a good mortgage rate and deal

Your credit rating plays a big role in whether you get a good mortgage deal or not but so does your ability to find the right mortgage.

It’s vital to know what’s available and what type of mortgage will fit your situation best. We would always advise working with a knowledgeable mortgage broker who can help you understand your options and help you find the best deal out there.

Be prepared

The more aware you are of each part of the application and the impact this will have on your chances the better prepared you will be for any difficulties that arise.

You can’t directly impact every part of your application but by making certain that you do everything you can you will be better placed to make it the year you get good deal on your mortgage.

You can check your credit rating here.

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