What you need to know about your credit score when remortgaging 

What you need to know about your credit score when remortgaging 

Remortgaging your home could get you a better rate. Once the initial fixed rate period ends, you will revert onto the lender’s standard variable rate (SVR) which could mean an increase in the rate you were previously paying on the fixed rate. However, it does require you to make new applications and go through credit checks with your new lender. 

When you are looking to remortgage your property, it’s important to understand that your credit score will be in the minds of potential lenders. However, lenders won’t use the credit score alone to determine the quality of borrower that you are, they will look back through into your payment history. This will give them the knowledge and confidence in you as the borrower, that you will are willing/able to keep up your mortgage payments. A history of missing payments will not go un-missed by the lender. 

Of course, the best products available on the market will require better credit, so you may have to shop around, but having bad credit definitely does not mean that you can’t remortgage. 

Tips to keep your credit score healthy 

There are some simple steps you can take to boost your credit report. These are: 

  1. Pay your bills on time. Lenders are very interested in how reliable you are about paying your bills. 
  1. If you’re behind on your bills, bringing them up to speed could help. While a late payment can remain on your credit report for up to seven years, having all your accounts current can be great for your scores. 
  1. Check for errors and report any mistakes on your report. Take it from us, this happens a lot. Even small mistakes such as a mis-spelled address can affect your score, so it’s worth checking your credit report. 
  1. Monitor your credit file for fraudulent activity. If fraudsters gain access to your personal details, they could take out credit in your name without you being aware.  
  1. Prove where you live. If you haven’t already, register on the electoral roll at your current address. You can do this regardless of if you are in shared accommodation or living at home with family. 

How can improving my credit score benefit me? 

Having a higher credit score does mean that lenders will tend to see you as a lower risk. However, each lender has their own criteria so your situation may suit one and not the other. Generally speaking, the higher your credit score the more likely it is you’ll be approved for a mortgage. You may also be able to choose from a wider range of offers and providers, which could help you save money. For example, if lenders think you are a lower risk, they may offer you better interest rates, which can make borrowing cheaper. 

Here at Mortgagez, our team of fully qualified mortgage advisers is on hand to help you every step of the way in obtaining a new mortgage, and our service won’t cost you a penny when you go via our online portal. Visit our website today and obtain a quick quote with our online mortgage rate tool to see how much you could save on your next mortgage. 

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PLEASE NOTE: Article written 18th January 2022. Information contained within this article is likely to change and therefore should not be relied upon or form part of any form of decision making without seeking professional advice. * 


Any guidance and/or advice contained within this document is subject to the UK regulatory regime and is therefore restricted to consumers based in the UK. Any technical or regulatory information contained within this document was correct at the time of producing it but as it may be subject to change it should not be exclusively relied upon when making a financial decision. The Financial Conduct Authority does not regulate advice on Buy to Let mortgages.  

Article written: January 2022                                                                                                            180122 MZ000239 

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