Look after your credit rating to access the best mortgage rates.

Looking after your credit rating is imperative if you want access to the very best mortgage rates on offer.

This is because lenders are attracted to borrowers who represent the least risk. Maintaining a healthy credit score means lenders will offer you the best all-around deals that wouldn’t be available to those whose credit history is impaired.

That is why Deal Direct has put together some handy hints to help us help you.

  • DO make sure the amount of unsecured debt you have is well maintained.
  • DON’T assume that not much debt automatically means you have a great credit score.


Keeping the amount of unsecured debt you have well-maintained means paying all your bills on time, never skipping payments and never exceeding your credit limit on your credit cards. It’s not just the amount of unsecured debt that lenders will look at but how on top of things you are. Lenders want borrowers who pay close attention to their financial responsibilities.

  • DO close credit card accounts you are no longer using.
  • DON’T assume that a dormant credit account won’t impact your rating.

Some lenders can take a dim view of too much available credit that you are not using. Their thinking is that if you start to spend again, your ability to meet your mortgage repayments will be affected. Therefore, either use your cards responsibly and regularly or close them completely.

  • DO remember a great credit rating will help you obtain a better mortgage deal.
  • DON’T assume that your credit rating only matters for mortgages.

Having a healthy credit score is useful for more than just your mortgage application. After you move into your new home, companies that supply anything on a contract or a hire purchase agreement, like new furniture, a new kitchen or bathroom or even connecting utilities, will all check your credit history.

And finally:

  • DO shop around and compare mortgage products from different lenders.
  • DON’T make the mistake of opting for the first mortgage deal you see.

For expert guidance and advice on improving your credit rating to obtain a better mortgage offer, consult with Deal Direct.

Call us now on 0800 048 8828. 

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Article published: Tuesday, September 18, 2018
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