The general rule with credit scores is that first time buyers in Hull or applicants with a high credit score have more of a chance to get accepted for a mortgage compared to those with a low credit score. To determine whether you can afford a mortgage, a lender will have a thorough look into your financial background. You will find that each lender will have its own lending criteria which means that you might not be accepted by every lender.
This means that lenders will have different approaches when it comes to deciding if you match their criteria or not. You might find that you fit most of them, but you also may not. Here at Hullmoneyman, we have a team of Mortgage Advisors in Hull who can find you a lender that is perfect for your situation. You may find that your situation is a bit more complex, the good news is that we have advisors who provide expert specialist mortgage advice in Hull who can work hard in overcoming this obstacle.
Approaching a Mortgage Broker in Hull, like ourselves, will provide you with the opportunity to speak to a Mortgage Advisor in Hull whose goal is to find you the best mortgage product for both your personal and financial situation. Your designated advisor will be there to give you a helping hand throughout the process as well as provide insight on ways to improve your credit score to find the mortgage deal for you. If you are a First Time Buyer in Hull, looking to move home in Hull or are a self employed in Hull, we do strongly recommend that you seek open and honest Mortgage Advice in Hull.
There is a vast range of credit reference agencies in Hull that you can approach. Two of them you may be aware of are Experian and Equifax. It’s best that you look into each agency as they may be holding incorrect data which could result in you finding any discrepancies.
It can be difficult for you to improve your credit score, below are some simple ways that can could improve your credit score.
Running multiple credit searches could actually harm your credit score. You need to be aware that price comparison can damage your score. It’s key that you avoid applying for credit in the midst of your mortgage process because a lender may be under the impression that you are in financial struggle.
Registering for the Electoral Roll is another way to improve your credit score. From a lender’s point of view, it shows stability which they want to see. It’s important that when you register, you need to spell your name correctly and set your address to your current one and not an old one. For those who haven’t registered, you certainly should! The process is quick and easy to set up and will improve your credit score. Remember, all information must be correct!
Another thing that can harm your credit score is maxing out your card each month. Furthermore, lenders will look at your credit card statements to see whether you have paid off balances by the due date or not. An applicant who has always met their outgoings and has always kept out of the overdraft limits will show the lender that this applicant is good at managing their finances which will help towards their application. On the flip side, if an applicant has struggled to manage their finances well this will show to a lender that you aren’t in serious financial to proceed which would lower your chances of being accepted.
Through our experience as a Mortgage Broker in Hull, we commonly find that people have not made their previous credit provider. This is important as your provider is only aware of you living in the other property and would show there are two separate addresses/properties linked with your name. It’s also important to do for lenders as they don’t favour your address history being mixed up.
Have you got any financial links with a family member or ex-partner? In some cases, you may not be aware of it, therefore, it’s best to check to show you are aware of any financial associations you may have with anyone and remove any accounts if they are still active. You can remove any of these links, get in touch with the credit reference agencies and request.
The common opinion on credit scoring from customers is that they feel it’s an unfair approach for determining if they can get a mortgage or not. Whereas lenders see this method as a faster and more modern method for the credit scoring system. Furthermore, it is cheaper for them and can get a result they can trust.
To be more prepared and organised, you should send an up-to-date copy of your credit report to your dedicated Mortgage Advisor in Hull. Getting organised early in the process may increase your chances of being accepted the first time. Your advisor is someone who needs to have a full understanding of your financial situation. Furthermore, you need to be aware of the fact that some lenders will want to carry out the process the old-fashioned way and will prefer a manual approach. This means that they will have particular guidelines that they stick by about how many defaults and CCJs they will allow.
Date Last Edited: 09/28/2023