Treat your credit file like a member of the family!

Tuesday 28 June 2016 | 02:05 PM

The majority of banks and building societies treat mortgages like a commoditised product, with automated decisions and a computer says yes or no business model.

For this reason your credit file and the credit score it produces, together with each lenders interpretation of that score, will in most cases determine whether or not you qualify for a mortgage.

Missed or late payments, disputes with mobile phone companies and taking out payday loans – things which you may perceive as being relatively minor - can all causes problems.

Ideally we recommend that speak to a mortgage expert well in advance of any borrowing requirements (even if you are just remortgaging to improve the interest rate) as credit checks will always be carried out.

Quality independent mortgage advice an early stage should give us time to work together to improve the credit file when necessary. Simple things like registering to vote, ensuring that all addresses and accounts are correctly recorded, taking out a new credit card to build a history or even closing down old cards which you no longer use.

If all else fails there are a growing number of mortgage lenders which take a more human approach and will take the time to fully assess your circumstances and the real risk of providing you with a mortgage. Some of these are not available direct to the public.

If in doubt take expert mortgage advice, as trying a number of different lenders and then being told no can cause damage to your credit file, and make it more difficult to get the mortgage that you need.
It is our job to fully assess your needs and use our in depth knowledge of the various lenders’ detailed requirements to find the correct match.

Local, face to face, independent mortgage advice can smooth the whole process and we would be delighted to help.

Paul Hardingham and Tony Ibson are Mortgage and Protection Advisers at Innovate Mortgages and Loans. Both have over 20 years of experience advising individuals and businesses across the North East of England. They can be contacted for bespoke advice at or or call 0191 223 3514.

Your home is at risk if you do not keep up repayments on a mortgage or other loan secured on it.