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Good credit rating could mean a cheap mortgage

Date: Thu, 16 Jun 2005

Ensuring you have a good credit rating could mean securing a better mortgage deal, according to credit reference agency Callcredit.

Knowing what information a lender is looking for could help consumers to build-up a more appealing credit history. Many mortgage companies examine a credit file and may particular attention to whether a prospective client is registered on the electoral role, capable of paying bills on time, have a limited number of accounts and have no outstanding defaults registered against them.

"Many people think the amount you can borrow is linked directly to how much you earn but it's much more complicated than that," said MyCallcredit director Alison Nicholson.

"Each lender is different in how it uses your credit file to work out a score. Understanding the information held about you and how lenders might use it is the first step towards getting the best deals on credit you can."

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