When you own a home, ClearScore can help you keep track of it. You can see what your home might be worth, how much of it you own and how your mortgage is going. This guide explains each tool and how to use it.
You’ll find your home in Credit Health.
The information in this article isn't intended to be advice from ClearScore Technology Limited, its group companies or its affiliates. It's not a substitute for getting advice from a lawyer, financial advisor, or any other professional.
Setting up your home
We look for a mortgage on your Equifax credit report. When we find one, we’ll ask you a few questions to set things up:
- The address of your home. Choose it from the list, or add a new one by typing your postcode.
- The price you paid for your home. We’ll fill this in if we already know it.
- Which mortgage is for this home. We only ask this if you have more than one mortgage.
Can’t see your mortgage? It can take 6 to 8 weeks for a new mortgage to show on your credit report. This is because your lender needs to share it with Equifax first.
You can only track 1 home at a time.
Your home equity
Equity is the part of your home you own outright. It’s the difference between what your home is worth and what you still owe on your mortgage.
For example, if your home is worth £276,000 and you owe £225,000, your equity is £51,000.
At the top of your home page, you’ll see your estimated equity and how much of your home you own as a percentage. Your equity can grow as you pay off your mortgage, or if your home’s value goes up.
This is an estimate. Your home’s exact value is only known when you sell it
Your home’s value
We show an estimate of what your home is worth. This comes from Zoopla and is based on Zoopla’s data on similar homes in your area.
You can see how the estimate has changed over the last 6 months or year. Select the card to see:
- The price you paid and when you bought it
- Zoopla’s estimate and the range it could be in
- When the estimate was last updated
- When your home was sold in the past and for how much
Sold history comes from HM Land Registry. It can take up to 6 months to appear.
Good to know:
- Our estimate might be different from other Zoopla estimates you’ve seen. We use the type of estimate lenders use.
- It’s not a professional valuation. It doesn’t include your home’s condition or any improvements you’ve made.
- For a more accurate figure, you can ask a local estate agent to value your home.
- It’s normal for home prices to go up and down. A change in your estimate doesn’t affect your day-to-day payments.
If we don’t have a reliable estimate for your home, we’ll use the price you paid instead. We’ll let you know when we do this.
To change the price you paid or the date you bought your home, select Edit next to Purchase price.
Your mortgage details
We show your mortgage from your credit report. You’ll see:
- Who your mortgage is with
- How much you still owe
- How much your balance has gone down since the last update
- When your lender last updated it
Select your mortgage to see more, including your payment history and the date it was opened. Your lender usually updates this once a month, so changes can take a few weeks to show.
Adding your interest rate
You can add more details about your mortgage. You’ll find them on your mortgage statement.
Select Add mortgage details. Then tell us:
- If your rate is fixed or variable – a fixed rate stays the same for a set time, a variable rate can change
- Your interest rate, if it’s fixed
- When your fixed rate ends
Interest is the extra money you pay your lender for borrowing.
With these details, we can show you more about your mortgage. This includes:
- An estimate of how much of each payment goes towards what you owe and how much goes towards interest
- What you could still owe when your fixed rate ends
- How long it could take to pay off your mortgage
You can change these details at any time. Select your mortgage, then select Edit next to Interest rate.
Your loan to value
Your loan to value (LTV) shows how much of your home’s value you’re borrowing. It’s shown as a percentage.
For example, if you owe £225,000 on a home worth £250,000, your LTV is 90%.
Your LTV usually goes down as you pay off your mortgage, or if your home’s value goes up. Lenders group LTVs into bands, like 80% to 85%. A lower LTV usually means lenders can offer you lower interest rates.
We’ll show you which band you’re in and if you’re likely to reach a lower band before your fixed rate ends.
Select your LTV card to learn more about how it works.
Overpayment simulator
Overpaying means paying more than your usual monthly payment. It lowers how much you owe.
Use the overpayment simulator to see how overpaying could change:
- When you could finish paying off your mortgage
- How much interest you could save
You can try a regular monthly overpayment or a one-off payment. Move the slider to change the amount.
The results are an illustration, not a promise. They are estimates and assume your interest rate stays the same for the whole time you have your mortgage. If you haven’t added your interest rate, we’ll use an estimate based on current rates.
Many lenders let you overpay up to 10% of what you owe each year without a fee. You should always check your lender’s terms before you make an overpayment.
You need to add your mortgage details to use the overpayment simulator.
Reminders before your fixed rate ends
We can remind you when your fixed rate is coming to an end. To get reminders, turn on notifications:
- Go to Settings, then Communication.
- Turn on Email communication, Push notifications or both.
If notifications are turned off on your phone, we’ll ask you to turn them on in your phone settings.
Your homeowner guide
Your guide has short reads to help you understand owning a home. It covers:
- How equity works and why it’s worth tracking
- What happens when your mortgage deal ends
- Planning ahead as a homeowner, like rebuilding savings and handling changes in your life
Find it under Your guide on your home page.
Changing or removing your home
Select the pencil icon at the top of your home page to see your home’s details.
- To track a different home or mortgage, select Switch mortgage or home.
- To stop tracking your home, select Stop tracking. We’ll stop showing your equity, home value and LTV, and you’ll stop getting updates about this home. You can start again from Credit Health at any time.
If your mortgage closes, we can’t estimate your equity anymore. We’ll ask you to switch to a new mortgage or stop tracking your home.
If something looks wrong
The details about your mortgage come from your Equifax credit report. If something looks wrong, see our guide to fixing incorrect or missing information on your credit report.
If you’re finding it hard to keep up with your mortgage payments, see our guide to getting free and trustworthy help with debt.