One key to successfully arranging a mortgage is to have a good credit score, but many prime borrowers do not know what theirs is.

A prime borrower is someone who is a below-average credit risk and is therefore unlikely to have difficulty obtaining a loan or obtaining a mortgage. However, should their credit score worsen and they fall into the ‘subprime’ categories, they are almost certain to face a higher interest rate.

As reported by MoneyFacts.co.uk in June 2016, NewDay, a credit card company, took a look at prime borrowers in the UK, concluding that around 6.8 million of them have not checked their credit score. A poor credit score can make it difficult to obtain a mortgage.

Fortunately, there are ways to improve a credit score. For example, it helps to have a credit history. If a borrower has never had a credit card or loan, this will give the potential lender nothing on which to base their decision. A credit record with regular on-time payments, however, will establish a positive credit history.

If a person has too much outstanding debt then a lender could view a borrower as having too much credit. Keeping balances low, particularly on a credit card account, should improve a credit score.

It is advisable to use an online credit score checking service. That way, if there is anything on a credit file that a person disagrees with, they can apply to have it changed.

A good credit score will help a successful mortgage application, and mortgage protection insurance will protect mortgage payments if a person is sick or has an accident.