John Fraser-Tucker, the Head of Mortgages at Mojo Mortgages said: “Over 7.6 million people are currently missing from the electoral roll in the UK. By taking just two minutes to register, you could not only have your say in the election but potentially improve your chances of qualifying for a better mortgage deal.”
The 2-minute mortgage hack: Register to vote, save thousands
Registering for the electoral roll can add 50 points to your credit score
Credit score experts at Experian have previously stated that signing up for the electoral roll can add up to 50 points to an individual’s credit score. This potential boost could propel mortgage borrowers into a higher credit rating band, unlocking access to better mortgage deals and potentially saving them thousands of pounds in the long run.
How higher credit bandings can unlock better mortgage deals
Using Experian’s credit score model as an example, mortgage borrowers with an “Excellent” credit score between 961 and 999 are likely to be in line for the best mortgage deals with lower interest rates, saving substantial amounts over the long term.
- Excellent: 961 – 999
Borrowers in this range are likely to be in line for the best mortgage deals with lower interest rates, saving them substantial amounts over the long term.
- Good: 881 – 960
While still considered a good credit score, individuals may miss out on some of the most competitive mortgage deals available.
- Fair: 721 – 880
With a fair credit score, borrowers can expect to secure good mortgage deals, but interest rates may be slightly higher than those offered to borrowers with excellent credit.
- Poor: 561 – 720
A poor credit score could mean higher interest rates on a mortgage, potentially costing borrowers significantly more over the long term.
- Very Poor: 0-560
Individuals with credit scores in this range may face difficulties getting approved for a mortgage or are likely to be offered deals with very high interest rates.
Other important factors to consider when applying for a mortgage
While a higher credit score can improve your mortgage prospects, John Fraser-Tucker cautions that lenders evaluate a comprehensive range of factors when assessing your mortgage applications.
He said, “It is, however, important to note that mortgage lenders don’t rely solely on credit scores. They’ll review your entire credit report, income, existing debt and bank account to assess your ability to make consistent mortgage repayments. That said, this two-minute hack may make a difference.
How to register for the electoral roll
Registering on the electoral roll is a straightforward process that can be completed in just a couple of minutes by visiting the government’s website and providing a few details, such as your name, address and date of birth.
For those already registered, John Fraser-Tucker recommends speaking to an online mortgage broker like Mojo Mortgages. “We have access to over 70 mortgage lenders and thousands of mortgage products, allowing us to find the most competitive options based on your unique financial profile.”
To find out more please visit https://mojomortgages.com/
First Time Buyer is an exciting bi-monthly glossy which takes a stylish and comprehensive look at all the options available, setting them out in an entertaining and informative way, and helping potential customers navigate their way through what is often a daunting and complex process. We dispel the myths, reinforce the facts and arm the reader with the tools necessary to make their homeownership dreams a reality.
