81% of Brits now understand the role of credit history in securing a mortgage

UK, 11th August, 2021: The stamp duty holiday helped drive higher engagement with credit scores, according to Experian.

Mortgage applications were 31% higher during the stamp duty holiday than the equivalent period between 2019 and 2020,1 and those consumers who took out a new mortgage were more likely to check their credit score.2 

Credit score engagement peaked in July 2020, when the stamp duty holiday first came into effect, and retained heightened levels consistently through the remainder of 2020 and the first half of 2021.2

The findings are supported by Experian’s research, which found that the large majority of Brits now understand that credit history is important for securing a mortgage (81%), and almost three-quarters (74%) know it’s important to check their credit score before looking for a home.3

Sebastian Worbs, Product MD at Experian Consumer Services said:

“It’s good to see more people taking an interest in their credit score. Our research shows that most consumers now understand the importance of managing their credit score when buying a home, and the recent increase in mortgage seekers checking their credit score during the stamp duty holiday with us confirms it.”

“Having a good credit score can be really important for your mortgage application, as people with higher scores tend to get the cheapest mortgage rates. The first step is to know what your score is, and you can check that for free at Experian.”

Google search trends also highlight the close relationship between interest in credit scores and mortgage demand. Searches for terms related to credit monitoring and mortgages reached their highest search levels in two years in early March 2021, as people looked to complete new purchases ahead of the initial stamp duty holiday deadline.4

Experian has driven consumer education about credit scores, and is committed to improving public awareness and understanding of the credit system to help people achieve their financial goals. 

As well as seeing their Experian Credit Score, consumers can also compare mortgages and see how much they could borrow for free at Experian.


Notes to editors

1) Analysis of Credit Applications Previous Searches (CAPS) made via the Experian bureau was comparing between 8 July 2020 to 31 June 2021 and 8 July 2019 to 31 June 2020.

2) Analysis of logins from Experian customers during the stamp duty holiday period (8 July 2020 to 31 June 2021)

3) Experian commissioned Opinium to poll 2,000 UK adults online about mortgage aspirations. The questions were asked between 18th – 21st June 2021 and the sample was weighted to be nationally representative.

4) Analysis of Google search trends in 2020 and 2021

Media contact

Rajan Lakhani, Head of PR, Consumer, UK&I, Experian

Tel: (+44) 07976 634 484 | E: rajan.lakhani@experian.com

About Experian

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