Mortgage Broker Park Royal

The credit utilisation ratio is how much credit you've actually made use of measured against the available credit you've been offered. Your credit score will generally rise the lower this ratio is. As a general rule, it's best to keep this ratio below 50% overall and considerably lower if possible.

If you have more than one credit card you should also be aware of the utilisation ratio overall and per card, because credit reference agencies take all the measures into account.

Joint mortgages are mortgages where the mortgage is taken out by two (or more) people together in order to buy a property. The mortgage sum granted is calculated according to 2 (or more) incomes and so is a way of getting a larger mortgage than if one person alone was applying for one.

The other side of a joint mortgage is that all of the borrowers are equally joint and severally liable (click to find out more). This means that if, for example, one person defaults on the required repayments, then the lender can pursue all parties on the mortgage to recover the money owed and ultimately it can repossess your home even if you yourself, out of all the signatories on the mortgage, have been making the correct, timely repayments.