Frequently Asked Questions

Credit scores vary by agency: Experian (881-960 is good, 961-999 excellent), Equifax (420-465 good, 466-700 excellent), TransUnion (604-627 good, 628-710 excellent). Most lenders consider scores above 700 (Experian) as good.

Check your credit score monthly to monitor changes and catch errors early. You can check all three credit reference agencies for free without affecting your score.

Most negative information stays for 6 years, including missed payments, defaults, and CCJs. Bankruptcies remain for 6 years, while IVAs stay for 6 years from the start date.

Personal loan amounts typically range from £1,000 to £50,000, depending on your income, credit score, and the lender's criteria. Most lenders cap loans at 4-5 times your annual income.

Yes, but you'll need to provide additional documentation like tax returns, bank statements, and accounts. Some lenders specialize in self-employed borrowers but may charge higher rates.

Secured loans require collateral (usually your home) and offer lower rates but risk asset loss. Unsecured loans don't require collateral but have higher interest rates and stricter approval criteria.

The minimum deposit is typically 5-10% of the property value, but larger deposits (15-20%+) get better rates. First-time buyer schemes may allow smaller deposits with government backing.

Fixed rates stay the same for a set period (usually 2-5 years), providing payment certainty. Variable rates can change with market conditions, potentially saving money when rates fall but increasing costs when they rise.

Yes, specialist lenders offer mortgages for bad credit, but expect higher rates and larger deposit requirements. Consider improving your credit score first for better deals.

Aim to save at least 20% of your income, following the 50/30/20 rule: 50% for needs, 30% for wants, 20% for savings. Start with what you can afford and gradually increase.

Start with £1,000, then build to 3-6 months of expenses. Keep it in an easy-access savings account. Automate transfers to make saving effortless.

Generally, pay off high-interest debt first (credit cards, personal loans) while maintaining a small emergency fund. Once debt is cleared, focus on building larger savings.

Life insurance is less critical if no one depends on your income, but it can cover funeral costs and debts. Consider income protection insurance instead to protect your earning ability.

Term life insurance covers a specific period (10-30 years) and is cheaper. Whole life insurance provides lifelong cover with an investment element but costs significantly more.

A common rule is 10 times your annual salary, but consider your debts, dependents' needs, and existing coverage. Online calculators can help determine the right amount for your situation.