Steps to Assess and Improve Your Credit Score

Expert Mortgage Advice from Matthew Price at Bespoke Money

Your credit score plays a key role in your ability to secure a mortgage. Whether you’re a first-time buyer, looking to move home, or considering remortgaging, understanding and improving your credit score can help you secure better mortgage deals.

In this guide, we’ll explain:
✔ What a credit score is and why it matters
✔ How to check your credit score
✔ Why your score might be low
✔ How to improve it
✔ What to do if you’re rejected for credit

Let’s dive in!

What is a Credit Score & Why Does it Matter?

Your credit score is a numerical representation of how reliable you are with borrowing money. Lenders check this score to decide whether to approve your mortgage application and what interest rates to offer you.

In the UK, your score is tracked by three main credit reference agencies:
📌 Experian
📌 Equifax
📌 TransUnion

Your credit score is built from your credit report, which records your borrowing history, including:
✔ Credit cards & loans – how much you borrow and how often you repay
✔ Payment history – any missed or late payments
✔ Electoral roll registration – whether you’re registered to vote at your address
✔ Credit applications – applying for too much credit too quickly can harm your score

A higher credit score means lenders see you as lower risk, which can help you secure a better mortgage deal with lower interest rates.

How to Check Your Credit Score

You can check your score using:
✔ Experian (£14.99/month)
✔ Equifax (£7.95/month)
✔ TransUnion (£14.99/month)

💡 Want a free credit check?
You can get a 30-day free trial on Check My File, which provides a combined report from all three agencies.

Why Might You Have a Poor Credit Score?

Several factors can lower your credit score, including:
❌ Missed or late payments on credit cards or loans
❌ High credit usage (maxing out credit cards or overdrafts)
❌ Applying for too much credit too quickly
❌ Bankruptcy or County Court Judgments (CCJs)
❌ Never borrowing credit before – a limited history can make it hard for lenders to assess your reliability

How to Improve Your Credit Score

✅ Set Up Direct Debits – Ensure all bills and credit agreements are paid on time every month.
✅ Register on the Electoral Roll – This adds stability to your credit profile and helps lenders verify your identity.
✅ Check Your Address – Make sure all your bank accounts and credit agreements are registered at your current address.
✅ Use a Credit Builder Card – If you have little or no credit history, these cards can help establish positive credit, provided you pay off the full balance each month.
✅ Reduce Existing Debt – Lowering your overall debt improves your debt-to-income ratio, making lenders more confident in your ability to repay a mortgage.
✅ Avoid Unnecessary Credit Applications – Every application leaves a footprint on your report. Too many applications in a short time can reduce your score.
✅ Keep Old Accounts Open – Lenders like to see a long and consistent credit history. Closing accounts can shorten your history and reduce your score.

What to Do If You’re Rejected for Credit?

If a lender declines your application:
❌ Don’t immediately apply elsewhere – Multiple applications in a short period can make you look desperate.
❌ Find out why you were rejected – Contact the lender and ask for feedback.
❌ Fix the issue before reapplying – Address any problems they highlight before trying again.

How to Correct Mistakes on Your Credit Report

Mistakes on your report can harm your score and prevent mortgage approval. If you spot an error:
📌 Contact the lender that provided the incorrect information.
📌 Ask them to update the credit reference agency.
📌 Add a “Notice of Correction” – If the issue isn’t resolved, you can add a 200-word explanation to your credit file, which lenders will see.

📌 Equifax provides guidance on how to escalate unresolved credit disputes.

Final Thoughts

Your credit score is a crucial factor in securing the best mortgage rates and increasing your chances of approval.

✔ Check your credit score regularly
✔ Improve your financial habits
✔ Address issues before applying for a mortgage

By taking control of your credit score, you’ll put yourself in the best position to secure your dream home.

Need Mortgage Advice? Let Bespoke Money Help!

At Bespoke Money, we help first-time buyers, home movers, and remortgagers secure the best possible mortgage deals.

📞 Speak to Matthew Price today for expert mortgage guidance.

📍 Bespoke Money | 4 Cantelupe Mews, Cantelupe Road, East Grinstead, RH19 3BG
📧 matt@bespokemoney.net
📞 Direct: 01342 651505 | Office: 0203 793 3690 | Mobile: 07813 810050

💬 “We are a business built on referrals and recommendations from existing clients. The biggest compliment you can give us is referring a friend or colleague!”

What Mortgage Can I Afford? A Guide for First-Time Buyers & Home Movers

Expert Mortgage Advice from Matthew Price at Bespoke Money

Buying a home is one of the most exciting (and biggest) financial decisions you’ll ever make. But how much mortgage can you actually afford? Whether you’re a first-time buyer or looking to move home, understanding your budget is key.

What Determines Mortgage Affordability?

Your mortgage affordability is based on:
📌 Income – Your salary and additional income sources
📌 Debt-to-income ratio – How much debt you currently have
📌 Credit score – A higher score can unlock better deals
📌 Deposit size – A bigger deposit can mean lower monthly payments

A simple rule to follow is the 28/36 Rule:
✔ No more than 28% of your gross income should go towards mortgage payments
✔ Your total debt repayments (mortgage, loans, credit cards) should not exceed 36% of your income

However, affordability isn’t just about lender limits—it’s about ensuring your mortgage is comfortable for your lifestyle.

Steps to Assess Your Affordability

1️⃣ Calculate Your Income – Include all sources (salary, bonuses, side income).
2️⃣ Track Your Expenses – Account for bills, subscriptions, transport, and other living costs.
3️⃣ Review Your Debts – Consider credit cards, car loans, and any outstanding finance.
4️⃣ Set a Realistic Budget – Make sure your mortgage payments don’t leave you overstretched.

Getting Pre-Approved for a Mortgage

💡 Why get pre-approved?
✔ Gives you a realistic price range
✔ Shows sellers you’re a serious buyer
✔ Helps avoid surprises when applying for a mortgage

A pre-approval means a lender has reviewed your finances and given you an estimate of how much they will lend.

What Can Affect Your Mortgage Affordability?

📊 Credit Score – Higher scores mean better mortgage rates.
💳 Debt Levels – The less debt you have, the more you can borrow.
💰 Deposit Amount – A bigger deposit can reduce your monthly payments.
📈 Interest Rates – Lower rates make mortgages more affordable.

If affordability is an issue, Bespoke Money can help by exploring alternative lenders and government schemes.

Take the Next Step Towards Homeownership

Understanding how much mortgage you can afford is the first step in securing your dream home.

📞 Speak to Matthew Price at Bespoke Money today to explore your options.

📍 Bespoke Money | 4 Cantelupe Mews, Cantelupe Road, East Grinstead, RH19 3BG
📧 matt@bespokemoney.net
📞 Direct: 01342 651505 | Office: 0203 793 3690 | Mobile: 07813 810050

💬 “The biggest compliment you can give us is referring a friend or colleague!”

New Job Mortgage: Can You Get a Mortgage with a New Job?

Expert Mortgage Advice from Matthew Price at Bespoke Money

Starting a new job is an exciting step, whether you’re advancing your career, relocating, or making a fresh start. But what if you’re also looking to buy a home? Many people worry that changing jobs could impact their ability to get a mortgage. The good news is that securing a mortgage with a new job is absolutely possible—with the right lender and expert guidance.

Can I Get a Mortgage If I’ve Just Started a New Job?

Yes, many lenders will consider your application, even if you’ve just started a new role. Some mortgage providers may even approve you before you start your new job, as long as you have a permanent contract in place.

If you’re moving into a highly skilled profession or a stable industry, lenders may be even more flexible.

What About Fixed-Term Contracts?

If you’re on a fixed-term contract, getting a mortgage can be a little trickier—but not impossible. Some lenders are happy to work with professionals in fields where contracts are common, such as IT, law, and healthcare.

Certain lenders may ask for at least one payslip or a few months of employment history, but there are specialist options available for those starting a new contract.

Can I Get a Mortgage If I’ve Just Changed Jobs?

Absolutely. If you have a signed employment contract, some lenders will approve your mortgage based on that alone—even if you’re still in your probation period.

What If I’m on Probation?

Some lenders will accept mortgage applications from borrowers who are in their probation period, while others may require you to pass probation first.

Working with an experienced mortgage broker like Bespoke Money can help you find the right lender for your situation.

Can I Get a Mortgage with a Job Offer Letter?

Yes! Some banks and building societies will approve a mortgage based on a job offer letter, provided your start date is within the next 3-6 months.

Documents you may need:
✔ A signed contract showing your salary and start date
✔ A job offer letter from your employer
✔ Proof of employment, such as an HR confirmation letter

Having a permanent position lined up increases your chances of approval.

What If This Is My First Job?

If you’re a recent graduate or entering your first job, some lenders may ask for a larger deposit or proof of continuous employment for at least six months.

However, there are specialist mortgage providers who understand that first-time buyers need options, and Bespoke Money can help you find the right lender.

When Can I Apply for a Mortgage with a New Job?

📌 Before You Even Start – If you have a signed contract for a permanent role, you can apply for a mortgage up to three months before your job starts.

📌 Once You Receive Your First Payslip – Some lenders require at least one payslip, but this isn’t always the case.

📌 After Passing Probation – If your lender requires you to pass probation, you may need to wait a few months before applying.

How Much Can I Borrow?

Lenders calculate affordability based on your salary, expenses, and financial commitments. Typically, you can borrow up to 4.5 times your annual income, but if you earn over £60,000 per year, some lenders may offer up to 5 or even 6 times your salary.

Your borrowing power also depends on:
💳 Credit card debt
🚗 Car finance agreements
📈 Existing loans

A mortgage broker can help ensure you’re maximising your borrowing potential while keeping your repayments manageable.

Are Interest Rates Higher for New Job Mortgages?

Not necessarily. Many lenders offer competitive rates for borrowers who have recently started a new job. However, factors such as your credit score, deposit size, and loan term will also influence the rate you’re offered.

Final Thoughts

Starting a new job doesn’t have to delay your dream of homeownership. With the right lender and expert mortgage advice, you can secure a mortgage even before your first paycheck arrives.

At Bespoke Money, we specialise in helping first-time buyers, home movers, and professionals secure mortgages—even in unique situations like a new job.

📞 Speak to Matthew Price today to explore your mortgage options.

📍 Bespoke Money | 4 Cantelupe Mews, Cantelupe Road, East Grinstead, RH19 3BG
📧 matt@bespokemoney.net
📞 Direct: 01342 651505 | Office: 0203 793 3690 | Mobile: 07813 810050

💬 “We are a business built on referrals and recommendations from existing clients. The biggest compliment you can give us is referring a friend or colleague!”

Spring Newsletter 2023

Following the turmoil caused by last September’s mini-Budget, we’ve seen Fixed Rate mortgage deals reduce from the high levels of last Autumn, yet at a time when the Bank of England Base Rate has risen again!

To many, this may seem strange, but this is because Swap Rates have a greater influence on Fixed Rate mortgages, and as shown in this issue, they’ve reduced since the Autumn.  Additionally, rates will also be affected by world events, plus the desire amongst some lenders to compete for market share, which might deliver better deals for you.

To make sense of all this, it’s vital that you talk to us, as we have the expertise, and know where to look for the most suitable products for your own individual needs.

Some of these issues are set out in the latest newsletter, alongside key snippets from the recent Budget.

The First-Time Buyer faces conflicting issues, such as possible house price falls, and that renting is likely to be more expensive than being a homeowner.  But there’s still the issue of providing the deposit for that first purchase.  We can work with you to find a way forward.

Many of the 4.3m Self-Employed workers feel that they are unfairly penalised when it comes to securing a mortgage loan.  Fortunately, there are lenders out there who take a more favourable view of this sector, and we can help identify the most suitable route for you.

Finally, with 2.5m people currently off work due to long-term sickness, and 50 people, on average, dying every day, who are aged 18-44.  Do, at least, have a conversation with us about both the cost, and what’s on offer regarding Protection Cover.

I hope you find this issue of interest and do get in touch if you have any questions.

Winter Newsletter 2023

Welcome to the winter 2023 edition of the Bespoke Money newsletter.

We would like to keep you in tune with what’s going on in the market.

Autumn Newsletter

On the back of the Chancellor’s announcement for further financial support, we look at what this exactly means for those self-employed, landlords, first-time buyers and current lenders.

May Newsletter

In this issue, we cover the financial impact, mortgage holidays and our professional advice on what you can be doing.

Covid 19 Update

Spring Update

In this issue, we cover the temporary reduction in Stamp Duty on property transactions in England and Northern Ireland. So, perhaps now’s a good time to consider your borrowing needs, and maybe take advantage of the excellent mortgage deals on offer.

Elsewhere, we provide an update on the wide range of financial support that’s available to help counter the impact of the COVID-19 crisis.

And with so much going on, it makes sense to seek the professional advice that we can offer. Please do get in touch to discuss your needs.

Keep safe.