The Bank of England held interest rates at 4.25% but
signalled that further cuts may be on the horizon. While this can present
opportunities for those looking to refinance, borrow, or invest, getting the
best deals is all about how prepared you are.
Credit Scores
Whether you’re applying for a personal loan, a business
overdraft, or a mortgage, your credit score is key. A better credit profile
often gives you access to lower interest rates, better terms, and higher
borrowing limits.
It’s not just personal — businesses are being judged too.
Especially if you’re running a small or cash-heavy business, you need to show
the banks that your income is consistent and traceable. This means banking
regularly. If you’re taking in cash, deposit it frequently. Banks and lenders
want to see a clear money trail, and this trail heavily influences their
decisions.
Identification
A number of people come to us facing delays simply because
their names don’t match across official documents. Whether you’ve been married,
divorced, or just changed your name, your passport, driving licence, utility
bills, and bank statements should all align.
Why? Inconsistent ID records can drag down your credit
score or delay financial approvals, especially when you're trying to refinance
or borrow.
Budgeting
When it comes to credit scoring and financial health, the
basics still matter. Set a budget, pay on time, and don’t miss repayments.
These small, consistent habits are the biggest contributors to long-term
financial strength.
Payback Criteria
Lenders are getting stricter. Working capital requirements
have increased. Before, many banks were happy if you had 1.5 times your loan payment
obligations in working capital. Now they want to see 2 times making it so much
harder to obtain a loan.
For example, if your business has monthly loan and interest
payments of £1,000, you now need at least £2,000 in working capital a month to
be considered financially stable in their eyes.
This change is a big deal for small businesses or anyone
looking to re-finance.
Plan Now to Take Advantage
- Review your credit score and dispute any error
- Align your ID documents (especially name
consistency)
- Build your working capital reserves if you’re a
business owner
- Start comparing re-mortgaging or refinancing
options now
- Speak to a financial adviser or broker who can
help position you before rates change
- Planning ahead is key
Being prepared isn’t just about having money, it’s about
showing lenders that you manage it well. The most successful borrowers and
businesses are the ones who plan ahead.
If you need help with your credit, your documentation, or
just planning your next financial move, we’re here to support you every step of
the way.
