The Number One Piece of Advice for First-Time Buyers

Get Your Credit Score in Order

Why Your Credit Score Matters

If you're thinking about buying your first home, the most important thing you can do right now is check and improve your credit score. Lenders use this to assess your financial reliability, and it directly impacts your mortgage options, interest rates, and overall affordability.

How Your Credit Score Affects Your Mortgage

A higher credit score can mean better mortgage deals, lower interest rates, and thousands saved over the lifetime of your mortgage. On the other hand, a lower score could mean:

• Higher interest rates, making monthly payments more expensive

• Fewer mortgage options and stricter lending criteria

• The need for a larger deposit to secure a deal

What Is Considered a Good Credit Score?

Different credit reference agencies use different scoring systems. Here’s how they categorise credit scores:

Credit Reference Agency	Good Score Range	Other Categories
Experian	881-960	Fair: 721-880
Equifax	670-739	Very Good: 740-799, Excellent: 800-850
TransUnion	721-780	Excellent: 781-850

Since lenders use different agencies, checking all three is a smart move before applying for a mortgage.

How to Improve Your Credit Score Before Applying for a Mortgage

If your credit score isn’t where you want it to be, here are some actionable steps to boost it:

1. Check Your Credit Report – Get your full credit report from Experian, Equifax, and TransUnion to spot any errors or outdated information. It's free, and could be the difference between getting accepted for a mortgage or not.

   
   

2. Register on the Electoral Roll – Being on the electoral register at your current address helps improve your credit profile.

   
   

3. Make Payments on Time – Paying bills, credit cards, and loans promptly builds a positive payment history.

   
   

4. Reduce Credit Utilisation – Aim to use less than 30% of your available credit limit to show responsible borrowing.

   
   

5. Avoid Multiple Hard Credit Checks – Too many applications in a short period can be a red flag to lenders.

   
   

Clear Outstanding Debt – Reducing existing debt before applying for a mortgage can improve your affordability in lenders’ eyes.

Read our guide on applying for a mortgage with poor credit for more detailed advice.

Can You Get a Mortgage With a Low Credit Score?

Yes, but it can be more challenging. Some lenders specialise in offering mortgages to those with lower credit scores, but these often come with higher interest rates and stricter conditions. If your score is low, consider improving it before applying or looking into specialist mortgage products designed for those with less-than-perfect credit.

First-Time Buyer Schemes That Can Help

Government schemes like Help to Buy, Shared Ownership, and First Homes can support first-time buyers, even if they have lower credit scores. These programmes can make homeownership more accessible by reducing deposit requirements or offering financial assistance. Check which scemes you might be suitable for and if they have an expiration date.

Get Expert Guidance

At Prestige Private Finance, we help first-time buyers understand their mortgage options and improve their financial standing. Our expert advisors can guide you through the process, ensuring you’re in the best possible position to secure a mortgage that works for you.

Get in touch today to start your journey towards homeownership with expert advice tailored to your situation.