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When you fill out an application for a mortgage deal, it's not just a case of the mortgage lender deciding 'yes' or 'no' on the spur of the moment - it all comes down to your credit rating.
Your credit report is a financial reflection of the credit risk you present - ie. whether a mortgage lender should offer you a home loan or whether they shouldn't, entirely calculated from whether or not you are regarded as an acceptable or unacceptable credit risk.
Your credit history - which is held by all the principal credit record agencies such as Experian and Equifax - indicates the credit you have had in your history (as far back as six years) and also current commitments.
When you fill out an application for a mortgage loan, the mortgage provider will carry out a credit check - and will allocate you a credit score or rating drawn from the info within your file. If you have a lot of financial commitments - and notably if you have neglected payments or have been overdue with them - you will receive a poor credit rating.
The lesser your score, the less likelihood you have of being granted credit as a low credit score equals there being a higher risk of you failing to pay back on time.
It also verifies whether you are on the electoral roll (which, in the event you are not, could affect your potential for being given credit seeing that your address isn't 'proved') and any financial relationships. A financial relationship is someone that you have been financially linked with now or at some time in the past. This might be an ex-partner, your mum or dad or maybe a person who lived at your address before you and who is still not eliminated from your file.
Should the people included as a financial association are in no way associated with you - ie. you have no mutual financial commitments and the person is not living in the same place as you - then you may request that the credit record agency correct the information. MSN Live.com 'accord mortgage convictions' for extra information.
Maintaining them on your credit file - in particular if they have gone through financial difficulty at some time - can have a harmful affect on you getting any credit.
When deciding on whether to approve a mortgage product, banks will also examine what amount you are paying out on other debts - if you have lots, they could turn you down for a loan even when your credit score is adequate. This is since they may think that you will be overstretched with an additional debt to cover.
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