Just what facts carry out loan providers think once i submit an application for a home loan?

The best thing to do with debt is to face it head-on. Find out where you stand by checking your credit report. We recommend using checkmyfile – it’s the UK’s most detailed and trusted credit report. There’s some surprisingly simple things you can do to boost your credit file, including correcting any errors and updating your details. Read more in our Guide: How-to Change your Credit score Before you apply for good Financial.

Make sure that you’re investing at least the minimum on the borrowing from the bank cards each month. More you could potentially spend the money for greatest, and spending it in full is the best. If you fail to obvious the complete equilibrium, paying an appartment count monthly function you can easily chip away at the what you owe much faster than simply for people who only paid minimal owed. Don’t forget concerning your family and you can electric bills also – one missed repayments will impact your credit score.

Every time you apply for a loan or credit card, a hard search’ appears on your credit file. This can then be seen by any loan providers you apply to, including mortgage lenders. Hard searches cause your credit score to temporarily drop, and if you’ve got lots of them in a short space of time it can be a red flag to mortgage lenders.

Dont apply for something about several months best up to your application, if in case you definitely need to, guarantee that you’re not doing numerous software.

The mortgage market can be pretty daunting. Mortgage brokers live and breathe the market – they’ll know which mortgage is right for you, and which lenders are most likely to accept you in your unique situation. They’ll also be there to protect you, and step in if there’s any issues.