Mortgage Applications - Is your credit repot holding you back?

Sept. 24, 2010 - PRLog -- It seems that now isn't the best time to be applying for a mortgage, especially if you're a first-time buyer. The latest gloomy data shows the housing market has failed to produce its traditional summer bounce, and mortgage lenders are less confident and have tightened their belts.
In fact mortgage lending has gone from feast to famine and is down by two-thirds in the last four years. Lending fell sharply in July, and there are concerns that Britain's banks are turning away first time buyers, which would add to preventing a recovery in the property market.
According to the Bank of England, July's was the fourth-lowest monthly lending figure since records began in 1993, with net lending falling sharply from June's £518m, to just £86m. There were just 48,722 home loans approved for house purchase during the month.

Banks are blaming reluctant consumers for the subdued level of borrowing. And yes, the housing market is being hampered by a mood of caution amongst potential buyers, as we fret over the state of the economy, the security of our jobs and the likelihood of further tax rises. But it's clear that high street lenders are failing to meet their commitments to increase business and mortgage borrowing. Critics of the UK banking sector say that is what is making it difficult for the wider economy to prosper, and that the lack of mortgage finance is limiting the number of buyers able to enter the market.

So, given the current lending climate, if you are applying for a mortgage, it pays to make sure there are no hitches in the process. One simple way is by checking your credit report before you apply, with http://www.quickcreditscore.co.uk.  This way you can be sure that there are no outstanding credit payments, credit applications falsely made in your name, nor any history of missed payments. The lender will be checking all of these things.

What's more, each application made leaves what's known as a ‘footprint’ on a person’s credit report. So by first assessing your finances and reviewing your credit report at Quick Credit Score, to ensure there are no anomalies, you could put yourself in a better position when making a mortgage application.

Quick Credit Score is an online membership programme which provides you with the tools you need to access and monitor your financial and credit information. This includes allowing you direct access to your credit report provided by one of the UK’s leading credit reference agencies, Callcredit.
At Quick Credit Score you can find out how credit-worthy you are with instant and unlimited direct access to your Callcredit Credit Report and Score. You can stay protected with 24/7 alerts of suspicious activity on your credit file provided by Callcredit. So when applying for a mortgage, don't let your credit history hold you back.
To find out more about Quick Credit Score please visit http://www.quickcreditscore.co.uk or call 0845 026 1094. To learn more about Adaptive Affinity, please visit http://www.adaptiveaffinity.com