Checking your credit report throughout your mortgage journey

Buying a property is one of the biggest financial steps most of us ever take. And with so much paperwork, planning, and number-crunching involved, it can be easy to overlook your credit report. 

But the information on your credit report plays a key role in whether your mortgage application is accepted and on what terms.  

Checking it before, during, and even after your application can help you spot any issues early, take steps to improve your credit health, and make sure everything runs smoothly. 

Let’s go through some of the ways you could benefit from having eyes on your file throughout your mortgage journey.  

Preparing for a mortgage application 

It’s important to make sure the information on your credit report is accurate and up to date. Even small things can cause delays or impact your mortgage terms. When checking your report, look out for: 

• Incorrect personal details: Double-check your name, address history, and date of birth are all listed correctly. Even a small spelling mistake can cause problems.  

• Out-of-date account information: Make sure all open and closed credit accounts are accurate.  

• Missed or late payments: If you spot a payment that’s been marked late by mistake, you can contact the lender to get it removed. 

• Financial associations: If you’re financially linked to someone you no longer share credit with (for example, a former partner or housemate), you could get them removed from your credit report. Their credit behaviour may otherwise influence how you’re seen by lenders – because they could have negative markers on their report, and lenders might think that you'll have to help pay back the debt you take on. 

It’s also a good idea to monitor your credit utilisation (the amount of credit you’re using compared to your limit). If your utilisation rate is high, lenders could view this as risky – because it can be interpreted that you’re dependent on credit due to making use of most, or all, of your limit.  

And only apply for credit if it’s right for your current financial situation. Every time you submit an application, a hard search is recorded on your report. Lenders could view too many of these in a short period as a sign that you’re overly reliant on credit and perhaps can’t afford the things you’re buying. Lenders can see applications have been made, but they can’t see the outcome – so, they could think you’ve been either continuously declined or approved with multiple forms of credit to manage.  

Get absolute clarity on all of these things with your most detailed credit report. At Checkmyfile, we put your information from the UK’s three main credit reference agencies – Experian, Equifax, and TransUnion – in one place. Start with a 30-day free trial, then it’s a paid monthly subscription. Cancel online anytime.  

During the process: Keep an eye on checks 

Once you’ve started your mortgage application, it’s not uncommon for lenders to run additional checks – called drawdown checks – just before releasing the funds. 

These are designed to make sure nothing significant has changed in your financial situation since you first applied. For example, if you’ve taken out a new credit card or missed a payment on an existing loan, it could affect the lender’s final decision. 

Checking your report during this stage can help you stay one step ahead. You’ll be able to: 

• Confirm that all recent credit activity is being reported accurately. 

• Spot any unexpected changes or hard searches you don’t recognise. 

• Monitor your credit utilisation. 

If you notice anything new or unexpected, it’s best to speak with your lender as soon as possible. They can advise on whether additional information might be needed before your application is finalised. 

A quick check here can save time and potential last-minute surprises.  

Once the keys are in the door 

You’ve unpacked and the kettle’s on – but your credit report still deserves a final check once the dust has settled. 

After moving into your new home, it’s worth reviewing your credit report to confirm that: 

• Your address has updated correctly: Make sure all open accounts now show your new address. 

• Electoral Roll information is up to date: Being registered to vote at your new property helps lenders confirm your details. It’s worth doing even if you don’t intend on voting.  

• New accounts are showing correctly: If your mortgage or any related credit (such as a loan or new utility contract) has been added, make sure it’s listed accurately and reported under your name. 

• Any previous mortgage has been resolved. 

Keeping an eye on your report even after you’ve moved can also help you take steps to get in good stead for your next purchase – be it a home renovation or a new appliance.  

A simple habit that pays off 

By checking your credit report regularly throughout your mortgage journey, you’re taking control of your credit health as well as potentially improving and protecting your approval chances. 

Buying a home can be complicated enough – but your credit report doesn’t have to be. See where you stand today.