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Best Homeowner Loans
Best Homeowner Loans in 2023: FAQs
What documents do you need for a homeowner loan?
The documents you need for a homeowner loan include proof of your ID and address along with evidence of your income and expenses. An arrangement could be payable to the lender.
You will also need a valuation of your property, which may come with a valuation fee.
Do homeowner loans negatively affect your credit score?
A homeowner loan will be added to your credit file and will temporarily lower your credit score. This is due to your increased debt levels.
However, once you have consistently paid your homeowner loan repayments on time and in full for a year or two, you should see your credit score begin to rise again.
What is a good credit score?
In the UK, a good credit score typically falls between 670 and 739, with higher scores considered very good. A credit score that surpasses 800 is an excellent achievement.
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