Over two thirds of individuals considering obtaining a mortgage don’t know their credit that is current rating

Over two thirds of individuals considering obtaining a mortgage don’t know their credit that is current rating

By Mortgage Guidance Bureau 23rd October 2019

Analysis from Mortgage guidance Bureau (MAB) has unearthed that over two thirds of people that are thinking about trying to get a home loan or remortgage don’t know very well what their credit rating is.

The study discovered that customer awareness around fico scores differed by age bracket, suggesting that the older the respondent, the more unlikely these people were to learn their credit that is current rating.

Overall, MAB’s research discovered 61 %, associated with 1,000 surveyed individuals, did know how to n’t uncover what their credit rating is. Over half (57 percent) of 25 to 34 12 months olds polled – who will be almost certainly become very first time buyers – didn’t know very well what their present credit rating is, and 62 % of 35 to 44 12 months olds, probably be going for their 2nd house in accordance with aspirations to rise up the housing ladder, weren’t conscious of their present credit history either.

Two thirds of participants aged 45 to 54, the combined team likely become trying to get a remortgage, were additionally unacquainted with just just what their credit rating ended up being.

Exactly why is your credit rating essential for trying to get a mortgage? Continue reading “Over two thirds of individuals considering obtaining a mortgage don’t know their credit that is current rating”