Check My File Credit Report: First Select Mortgage Brokers is proud to partner with Check My File to allow our clients to check their credit report and credit score. Best of all Check My File provides your credit data from all 3 UK credit agencies, in one simple report. We recommend all our clients checking their credit report before applying for a mortgage.
Access your credit report Free for 30 days.
You can sign up today and access your credit file FREE for 30 Days. Then it is just £14.99 per month. Cancel anytime. Click the Link below to be directed to the Check My File sign-up page and follow the instructions on the page. You can also download your credit report to a PDF file and share this with your mortgage adviser who can assess the report and use this as part of our mortgage recommendation to find you the best deal for your circumstances. Our advisers can also help correct or fix any information that is incorrect. Sign up here (opens new page).
Cancel anytime.
What is my Credit Score?
Your credit score is a record of your payment history with various banks, mobile phone and energy companies. If you borrow money, you must repay it on time and not miss the monthly repayment dates. If you do this, you will typically have a high credit score. People with a high credit score are more likely to be accepted for a Mortgage or Loan, and also qualify for the lowest rates.
However, if do not make all your repayments on time or miss repayments when they fall due, this will typically leave you with a low credit score. People with a low credit score will struggle to get a Mortgage or Loan, or have to borrow at higher rates (more expensive). This is because some lenders deem them a higher risk, as they have not always repaid on time. Worth noting that many people with a low credit score may be due to the fact they have not borrowed money before (never had a loan or credit card before). For this reason it can often be good practice to improve your credit score by borrowing small amounts on a credit card and repaying the balance in full every month.
Your Credit Score when applying for a Mortgage
When applying for a Mortgage, its vital to keep a track of your Credit Score and Credit Report because it can have a big impact on the mortgage you can get, and in some cases prevent you from getting a mortgage. Demonstrating that you can repay your debts and make the monthly payments, makes banks and mortgage lenders more comfortable lending you money. They also have a duty to make sure any loan or mortgage is affordable and you can meet the monthly mortgage payment. Because of this, mortgage brokers need to conduct a full affordability assessment for the mortgage lender as part of the application to ensure you have enough income to comfortably pay all your bills when they are due.
Why you should monitor your credit report regularly
All banks and credit granting businesses need to report accurate information to the big 3 credit reference agencies in the UK. The information they report must be true and accurate, whether you have made all your payments on time, or if some are late or have been missed.
However sometimes they get it wrong or make a mistake. A simple error on their part, for example reporting you having missed a payment, could result in you being declined for a mortgage. As such it is vital to keep a regular check on your credit report. This way you can spot any mistakes and quickly rectify them. Under UK law, businesses cannot report false or inaccurate information about you and they must rectify any errors immediately.
Factors that impact your credit score
- Repayment history (payments made on time or late/missed)
- Listed on the electoral roll at your current address
- Utilisation of available credit (low is positive)
- Lots of repeat credit searches (high is negative)
- Financial associations to others with high/low credit scores
- Frequent recent address changes
- Recent declining unsecured credit payments
- High balances on credit cards
- Cash withdrawals on a credit card (big negative impact)
- Use of pay days loans
- Recently new credit accounts
Credit Scores and Mortgage Applications
Any mortgage lender will carry out a credit search as part of any mortgage application. This means they will be able to see your credit file and payment history. Most lenders use credit scoring, meaning if your credit score is above their threshold, they will deem you an acceptable risk and agree to a mortgage subject to a full application and underwriting. Worth noting some lenders carry out a credit search, but do not apply a credit score. These lenders are often referred to as specialist lenders. They will lend to borrowers with a low credit score, but they typically charge higher levels of interest.
About us
First Select Mortgage Brokers are friendly and professional mortgage brokers. We can access mortgages from the whole of the UK mortgage market, meaning we can get the best possible deal for our clients circumstances. Based in Manchester, we are a family business with decades of experience in financial services. Our goal is to be the most trusted regional mortgage advisory business in the northwest of England.
Our team of experts are ready and waiting to help. Contact the team below:
Phone: 07780 446 937
Email: hello@firstselectfs.co.uk
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