How your credit score can affect you buying your dream home

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14 Jul 2017

How your credit score can affect getting the home of your dreams

Author: Sainsbury's Bank Money Matters

A poor credit score can result in being charged higher interest rates and given a smaller credit limit. In the worst case scenario, you might even just be rejected outright.

When it comes to buying a home, your credit score can have a significant impact. When considering applications, mortgage lenders will not only look at your income and financial commitments but also your credit score. Having a high credit score demonstrates that you have a proven track record for making regular payments in full and on time, making you a safe bet for lenders.

The credit score forms one part of your profile when lenders underwrite your mortgage application. Thankfully, there are many ways you can keep on top of your credit score and build it up. You also have control in managing your credit score. Sainsbury’s Bank has created this handy guide to help understand your credit score and explain what can affect it.

MAB 8436

Sainsbury’s Bank Guide to Credit Scores

If you would like to find out more about how to improve your credit score in order to improve your chances of securing your dream home, contact Romans Mortgage Services on 0118 3219 536.

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