ACCORDING to new data, an unprecedented number of home buyers are opting for fixed-rate mortgage deals.

With the race on to get a good deal, online credit information provider, Equifax, is reminding anybody that might be considering moving home or re-mortgaging that they should check their credit report before making any applications.

“Lenders must demonstrate that they have properly assessed consumer affordability when extending new credit,”, explained Neil Munroe, external affairs director, Equifax. “And this is particularly important in the mortgage sector - often reflecting the biggest borrowing a consumer might make in their lifetime.

“The Mortgage Market Review, which comes into effect on April 26, 2014, places even greater onus on the lender to assess affordability and an individual’s credit information will play a crucial role in that assessment, alongside other information gathered as part of the application process.

"We are, therefore, urging people planning to re-mortgage or move home to take a look at their credit information before they start making applications.

“It’s much easier to tackle any factors that might be affecting their credit status before making new applications, rather than having to address them once the process has started.”

Equifax Top Tips for Home Movers

  1. Your Credit Report - Before you do anything get a copy of your Credit Report
  2. Credit Agreements - Make sure all current credit agreements are shown as paid up to date. Your credit file will highlight any dormant accounts you might have forgotten about. Closing these could improve your credit status, as will paying off any agreements early.
  3. Are you Registered? - Check you are registered on the electoral roll at your current address - this is a crucial first check carried out by lenders to ensure the applicant is who they say they are.
  4. Shopping Around for a Mortgage - When shopping around ensure enquiries are logged as "quotation" searches rather than "application" otherwise multiple searches in a short space of time could impact on your ability to get credit.
  5. Your Mortgage Application - Do not be tempted to make untrue statements on your application, such as increasing the amount you earn. Lenders will independently validate what you put on your application form and if they find discrepancies this might jeopardise your chance of getting a mortgage.
  6. County Court Judgments (CCJs) - If you have had a CCJ and it is now settled make sure the settlement is recorded on your credit file. If not contact the court to get confirmation details and inform the credit reference agencies.
  7. Avoid a high balance on your credit cards - Avoid carrying a high balance on credit cards. Lenders might view this as a sign of you having too much credit already and that you therefore might not be able to keep up with any new repayments.