When you apply for a mortgage (or any sort of credit) the lender will usually 'credit score' your application. This helps them decide whether to accept your application, the amount of money they're prepared to lend to you and what rate of interest you'll pay.
Credit scoring works by awarding points based on your circumstances. Each lender has their own scoring system. You'll generally score more points if you've been in your job longer, own your own home and have paid all of your loans on time in the past. Having a good credit history will improve your chances of getting the best rate mortgage.
You can get your individual credit report by contacting:
- Experian https://www.experian.co.uk/
- Equifax https://www.equifax.co.uk/
This will help you understand your credit file and what aspects lenders use to make a credit decision.
We can help you!
If you would like more information or help with your mortgage please call us on 01344 225 149 or 07979 690 056. Alternatively please send us an email at info@simmondsmortgage.co.uk
Your home may be repossessed if you do not keep up repayments on your mortgage
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