'Build a credit rating' to find the best mortgages

Brits who are looking to move home or get on to the property ladder for the first time may wish to consider how they can build a credit rating.

Experts from Invest Southwest and Independent James claim it is worth the individual taking out a credit card if they have never done so.

It was suggested using these financial products for spending can cost nothing and will improve credit, provided means are not exceeded and it remains possible to pay off the bill at the end of the month.

Ensuring a credit file is up to date is also recommended in order to negate any unnecessary difficulties when applying for loans.

Closing any unused credit cards could also help with this, as lenders pay attention to the amount of credit available to the consumer, rather than the quantity owed.

Enrolling on the electoral register is also important, as an application might be declined if the individual is not.

Posted by Tom Burroughs