Credit Score
Your credit score plays a crucial role when applying for a mortgage. Find out how to check and improve yours.
Why does your credit score matter?
When you apply for a mortgage, both you and the lender want the commitment to be repaid on time. Your credit score is an assessment of your financial reliability — the higher it is, the better the mortgage terms you can secure. A low credit score can result in your application being declined or a higher interest rate being applied.
What affects your credit score?
- What percentage of your credit limit you use and your total level of debt
- Your credit history — whether you pay on time
- The number of hard credit searches on your report
- Whether you're registered on the Electoral Roll
- Whether you've missed payments on loans or utility bills
Simple steps to improve your credit score
- Make sure you don't miss any payments
- Regularly review your credit report and check all information is accurate
- Close unused accounts and reduce the number of credit cards
- Register on the Electoral Roll
- Avoid making multiple credit applications in a short period
Where can I monitor my credit score?
There are several websites in the UK where you can check your credit score. We recommend the comprehensive service at Checkmyfile.com. By choosing this site, you'll get:
- Access to scores calculated by 3 major agencies: Equifax, Experian, and TransUnion
- Easy comparison of credit reports
- Simple identification of problematic credit accounts
- Credit history going back up to 6 years
You can check your credit score free for the first 7 days on Checkmyfile. After that, the fee is £14.99 per month.
Time to make your homeownership dream a reality
If you're thinking about buying your own home, there's no reason to keep putting it off. Book a free, no-obligation consultation today — we'll help you at every stage of the process.
Book a free consultation
We'll respond within one business day.