As a leading mortgage-based website in the UK, we recognise the critical role that credit plays in achieving financial goals, particularly when it comes to securing a mortgage.
Understanding your credit status can sometimes feel like deciphering a complex code, but it doesn’t have to be that way. Our hub is designed to demystify the realm of credit, offering clear, digestible information that equips you with the knowledge to confidently make decisions about your financial future.
From articles that break down the basics of credit scores, to guides that offer practical steps on how to improve your credit status, we cover a broad range of topics tailored to both beginners and those with a bit more knowledge. Explore pieces that go into the impact of mortgages on your credit score, learn about the role of credit reference agencies, and gain insight into how to effectively manage credit.
Whether you’re planning to apply for a mortgage, wanting to enhance your credit score, or simply wishing to be more informed, our Personal Credit Knowledge Hub is here to support you on your journey.
Am I on the Electoral Register?
In this article, we will look into the significance of the Electoral Roll, its connection to credit ratings, and how being registered can positively affect your mortgage prospects.
Do I have a CCJ? How do I find out?
In this article, we will explore what CCJs are, how they can affect your credit score and borrowing abilities, and most importantly, how to find out if you have a CCJ.
Which Credit Report Do Mortgage Lenders Use?
Your mortgage application success depends heavily on your credit history – but with multiple credit reports showing different results, which one really matters? Many mortgage applicants check their credit score with one provider, feeling confident about their rating, only to discover vastly different scores elsewhere. Some find they have an excellent score of 900 with …
How Long Do Defaults Stay on Your Credit Report?
Money problems can strike anyone. If you’ve missed payments and received a default on your credit report, you’re probably worried about your borrowing options and wondering how long it’ll affect you. Fortunately, a default won’t stay on your credit file forever, and understanding how they work puts you back in control of your financial future. …
Does Your Overdraft Affect Your Credit Score?
Have you just checked your bank balance and found yourself in overdraft? If you’re hoping to get a mortgage or loan soon, you might be wondering what this means for your credit score. You’re not alone – with energy bills and food costs climbing, more people are using their overdrafts to help balance their monthly …
What is a hard credit search?
A hard credit search is a comprehensive review of your financial past, conducted by a lender or company when you apply for credit, such as a loan, credit card, or mortgage. It’s a deep dive into your borrowing and repayment history, providing a detailed picture of your financial behaviour. These searches can leave a temporary …
What information is on a credit report?
Your credit report is a comprehensive record of your financial history, a bit like a financial CV. It contains details about your borrowing and repayment behaviour, providing a snapshot of your creditworthiness to potential lenders. This information is important for lenders in the UK as they use it to assess your reliability as a borrower …
How to remove financial associations from your credit report
When it comes to managing your finances, your credit report plays a vital role. It’s a detailed record of your borrowing and repayment history over the last six years, and it’s what lenders look at when deciding whether to offer you credit. One aspect of your credit report that can have a significant impact is …
Unlocking credit secrets: 10 Factors that influence your mortgage approval
What is a Credit Report? A credit report is a detailed record of your credit history, compiled by credit reporting agencies. In the UK, the main agencies are Experian, Equifax, and TransUnion. These reports are updated monthly and provide a snapshot of your financial behaviour, which lenders use to evaluate your credit risk. What You …
Can You Get a Mortgage with No Credit History?
Challenges of Getting a Mortgage with No Credit History Lenders use a borrower’s credit history as a key tool to assess creditworthiness. Without a credit history, lenders find it difficult to gauge your risk as a borrower. This uncertainty can make them hesitant to approve your mortgage application, and increases the chances that your mortgage …
Does a payday loan affect getting a mortgage?
Payday loans are aptly named because they are designed to be repaid by borrowers at the end of the month, in-line with their payday. These loans are most commonly offered by online lenders, although doorstep lenders may also provide such services. But do they affect getting a mortgage? These loans can offer a helpful temporary …
How Does a Debt Management Plan Affect Your Credit Rating?
Understanding Debt Management Plans A Debt Management Plan (DMP) is a structured repayment program designed to help individuals struggling with unmanageable debt. It provides an affordable way to repay creditors by consolidating your unsecured debts into a single monthly payment. If you don’t repay your debts, and end up defaulting on the agreement, most creditors …
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Am I on the Electoral Register?
What is the Electoral Register? The Electoral Roll, also known as the Electoral Register or Voter Registration List, is a comprehensive record of eligible voters in the United Kingdom. It serves as an essential tool for democracy, ensuring that individuals who are eligible to vote are included in the voting process. The Electoral Roll is …
Will Checking My Credit Report Affect My Credit Score?
Understanding Credit Scores Credit scores are numerical representations of your creditworthiness. Lenders use them to help assess the risk associated with lending you money. In the UK, credit scores are calculated by credit reference agencies, taking into account various factors such as payment history, credit utilisation, length of credit history, and types of credit accounts …
Does car finance improve your credit score?
How Does Car Finance Influence My Credit Score? Car finance can affect your credit rating in two ways. First, your application results in a “hard check” on your credit report. This can temporarily reduce your credit score by a few points. However, there’s no need for alarm as this effect is short-lived. Second, the car …
Am I Responsible for My Spouse’s Debt?
Understanding Debt in a Relationship When you enter into a relationship, you’re not just sharing your life with someone, but often your finances too. In the UK, the concept of ‘joint and several liability’ often applies to debts. This means that if you and your partner jointly borrow money, you’re both responsible for the debt. …
What is a Notice of Default?
What is a Notice of Default? A Notice of Default, or Default Notice, is a formal communication issued by a creditor (lender) to a borrower when they fall significantly behind on their repayments. It serves as a warning sign that the borrower’s loan or credit agreement is in jeopardy. The creditor sends this notice to …
What is a Credit Reference Agency?
What is a Credit Reference Agency? At its core, a credit reference agency is an independent organisation responsible for collecting, holding, and maintaining credit information about individuals. They serve as intermediaries and data collaters, between individuals, financial institutions, and other companies seeking credit-related data. It’s important to note that CRAs do not make lending decisions …
What are Settled and Satisfied Credit Accounts?
In this article, we look into the concept of ‘Settled’ and ‘Satisfied’ credit accounts, and how they can impact your mortgage application. These are entries that can be found on your credit report, so it’s helpful to understand how they are perceived by a lender. What are Settled and Satisfied Credit Accounts? Your credit report …
Do I Have A Default and How To Find Out
Understanding Defaults Let’s first clarify what a default means in the context of credit agreements. A default occurs when a borrower fails to meet their contractual repayment obligations within a specified time frame. It signifies that the borrower has fallen behind on their payments, indicating a breach of the agreed terms and conditions of the …
What is a soft credit search?
What is a soft credit search and how does it work with a mortgage? We explain how credit searches work and why a soft search is so useful.
What credit score is needed for a mortgage?
It is a common misconception that you must have a minimum credit score to be accepted for a mortgage. Here’s everything you need to know.
Boost your credit score to improve your chances
IF YOU ARE PLANNING TO BUY YOUR FIRST PROPERTY, ONE OF THE INITIAL STEPS IS TO APPLY FOR A MORTGAGE. This process requires an assessment of your creditworthiness by lenders. When they carry out their assessment, it will include an evaluation of your credit report which details all the information on how you have managed …
Credit Report Guide
Understanding your credit report is an important step in maintaining your financial health and getting a lender to say yes.
Specialist Mortgages
Specialist mortgages can be very varied. From an unusual property, to multiple streams of income to using an SPV Company.
Mortgage Broker Guide
In this guide we’ll take a look at what mortgage brokers do, how they can help you, how they get paid plus tips on how to find a good one.
