The number of first-time buyers with a mortgage is on the rise. Mortgage broker Mojo Mortgages shares 25 tips to boost your credit score for a successful 2025 home purchase.
The number of first-time buyers with a mortgage is estimated to have rebounded in 2024 from a decade low, jumping by nearly 14 per cent annually. Yorkshire Building Society estimated that across the UK there were 330,000 first-time buyer mortgage transactions during 2024, a 13.8 per cent increase compared with the previous year.
If you are thinking about taking that first step on the property ladder this year, mortgage broker Mojo Mortgages has shared 25 tips to help boost your credit score if you plan on buying a house in 2025. Potential lenders look at your credit worthiness and conduct an affordability assessment to make sure you can afford the repayments, no matter how long the mortgage term is for. John Fraser-Tucker, Head of Mortgages of Mojo Mortgages said: 'While there's no set minimum credit score needed to buy a house in the UK, a strong credit score can significantly improve your chances of securing a better mortgage. By following these tips consistently, first-time buyers can improve their financial standing and increase their likelihood of stepping onto the property ladder in 2025. “Remember, it's not just about the score - lenders consider various factors, including your income, employment stability, and deposit size. Start working on your credit profile now, and you'll be in a much stronger position when it's time to apply for your mortgage.' 25 credit-score boosting tips to help you get a mortgage Monitor your credit report regularly Make it a habit to check your credit report at least once every few months. This allows you to spot potential issues early, such as unauthorised accounts or sudden changes in your score. Review your credit report for mistakes - such as misspelt names or incorrect addresses. Report any errors Don’t let these errors drag down your score! If something doesn’t look right, reach out to the lender or credit agency to rectify any mistake
FIRST-TIME BUYERS MORTGAGES CREDIT SCORE PROPERTY MARKET HOME PURCHASE
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First-Time Buyer Mortgages Rebound in 2024Yorkshire Building Society predicts a 13.8% surge in first-time buyer mortgages in 2024, rebounding from a decade low in 2023. The rise is attributed to various factors, including base rate cuts and anticipated stamp duty changes.
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First-Time Buyer Mortgages Rise 13.8% in 2024The number of first-time buyers securing mortgages is on the rise after hitting a decade low in 2023. Yorkshire Building Society predicts a 13.8% increase in 2024, reaching 330,000 transactions.
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