Why Your Credit Score Matters for Remortgaging
When you apply to remortgage, lenders assess your credit file to decide whether to lend to you and at what rate. A higher credit score generally means access to lower interest rates and a wider choice of deals. Even a small difference in rate can add up to significant savings over a two or five-year fixed term.
Each lender uses its own scoring criteria, so there's no single universal score that guarantees approval. However, improving the factors that all lenders look at will strengthen your application across the board.
Check Your Credit Report for Errors
Before doing anything else, check your credit reports with all three main UK credit reference agencies: Experian, Equifax, and TransUnion. You can access free statutory reports or use services like ClearScore, Credit Karma, or MSE's Credit Club.
Look for incorrect addresses, accounts you don't recognise, or debts that have been incorrectly recorded. If you spot errors, contact the credit reference agency to raise a dispute. Correcting mistakes can give your score an immediate lift.
Practical Steps to Boost Your Score
There are several effective ways to improve your credit score in the months leading up to a remortgage application:
- Register on the electoral roll at your current address — this is one of the simplest and most effective boosts
- Pay all bills on time — even one missed payment can leave a mark for six years
- Reduce your credit utilisation — try to use less than 30% of your available credit limits
- Avoid new credit applications — each hard search leaves a footprint on your file
- Close unused accounts carefully — keeping older accounts open can actually help your score
These steps are most effective if you start at least three to six months before you plan to apply. Some changes, like registering on the electoral roll, can take effect within weeks, while others need longer to show results.
How Long Does It Take to Improve a Credit Score?
Minor improvements, such as correcting errors or registering on the electoral roll, can show results within a few weeks. More significant changes, like reducing debt or building a consistent payment history, typically take three to six months to make a noticeable difference.
If you have serious adverse credit — such as missed payments, defaults, or CCJs — these remain on your file for six years. While you can't remove accurate negative information early, its impact on your score gradually diminishes over time, especially if you maintain a clean record going forward.
Important: Your home may be repossessed if you do not keep up repayments on your mortgage. There will be a fee for mortgage advice. The actual rate available will depend on your circumstances. Think carefully before securing other debts against your home.