First is the Help to Buy scheme, which got more than 25,000 households onto the property ladder in its first year and is now being extended to 2020, enabling buyers to secure a newly built home, often with just a five per cent deposit.
Then there's a £500 million fund designed to help cash-strapped developers complete 15,000 unfinished properties and Right to Build, which aims to unlock up to 10,000 plots for self-builds.
This is on top of his announcement of a new garden city in Ebbsfleet, Kent, which will see the government investing to create 15,000 new homes. In total, the Chancellor is aiming for 200,000 new homes by the turn of the decade
But with 300,000 new homes needed each year and the stamp duty threshold remaining at £125,000, would-be property owners will need to get their finances in great shape – lenders aren't lending to just anyone. These steps could help you prove to lenders that their loan would be as safe as houses.
Your credit rating plays a major role in the decisions lenders make when you apply for a mortgage, a credit card, car finance loans and mobile phone contracts.
Your Experian Credit Score is a guide that will help you understand how your credit history is likely to be seen by lenders. It can show you the way that you've managed credit in the past can affect future credit applications, and for you to monitor your progress as you get your finances in order before you apply. Making little changes to improve your credit report can make a big difference; not only to getting credit, but also to the interest rates you could be charged.
So understanding your credit report, and the steps you can take to improve it, can help you put yourself in a stronger position when it comes to applying for the credit you want.
Review your credit report
To help give yourself the best chance, one thing to do is to take the opportunity to review your Experian Credit Report before you next make an application for major credit (eg: a mortgage, or a loan). The data and information held on your credit report summarises your credit history, so it's in your interests to ensure that it provides an accurate and up-to-date picture of your credit histories, and review it on a regular basis.
Even simple discrepancies on your credit report, such as different ways of listing your name and address, can make a difference. Your credit report is of course only one part of your application - lenders also use the information provided on your application form you use, and information that they already hold on you (for example, if you're applying through your bank). You can see your Experian credit report with a 30-day trial of CreditExpert.
Content/Article provided by Experian – links to Experian CreditExpert are placed for promotional purposes