Opinion and guidance
How to improve your credit score before applying for a mortgage
Question: did you know improving your credit score not only increases the likelihood of your mortgage application being approved but can give you access to better mortgage rates too?
The good news is there are some simple steps you can take that could improve your credit score before applying for a mortgage.
1 Register to vote
Joining the electoral register is a quick and easy way to improve your credit score ahead of applying for a mortgage. How you ask? Good question.
Being on the electoral register makes it possible for lenders to verify who you are and where you live.
Lenders can use this information to confirm you are who you say you are, proving your application isn’t fraudulent and reducing the chances of identity theft.
2 Check for errors on your credit report
Typos and incorrect information on your credit report could be enough for a lender to refuse you credit and reduce your credit score.
This is because the lender will be unable to match the information you provided with details listed on your credit report.
Meanwhile, this information could lower your credit score meaning you’ll be seen as more of a risk to lenders, affecting your chances of mortgage approval and access to rates.
3 Make regular payments on time
What does your borrowing history say about you? We’ve done the research and the experts say making your payments on time is one of the best ways to prove you can manage your finances.
Pause and check out your financial commitments.
Having a clear view of what comes in and out of your accounts throughout the month will help you better manage your payments.
It’s worth noting that all lenders have different criteria for assessing affordability and a borrower’s level of risk.
However, the above tips are good financial practice that could make a positive difference to your chances.
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