Millions of Brits need to build credit

Published on 1 January 1970 by Raffick Marday

Britons need to start building their credit rating if they want to secure a new mortgage deal once theirs expires.

This is the advice of Neil Munroe from Equifax, who have just revealed that 1.5m homeowners will struggle to remortgage their house and will be forced to take on their current lenders’ Standard Variable Rate.

Mortgage providers will look more kindly on householders who have immaculately clean credit records and they could help improve theirs by getting a prepaid credit card.

By paying a monthly fee to enable them to have the card, homeowners will gradually build up their credit rating.

This makes it ideal for people with bad credit or no kind of credit history.

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