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♥ Miss E ♥ | Can you get a mortgage without a credit rating? |
Me and my boyfriend want to move out this year but I don't think we will be considered for a mortgage because neither of us have a credit rating. We have never had loans or credit cards, the most my boyfriend has had is an overdraft, which he has been in a couple of times and paid off. We both have monthly debits that come out of our current accounts, I pay for my car insurance and contact lenses, my boyfriend pays for his car insurance, broadband and sky but I don't know if this counts? My mum also has bad credit history, which may reflect if they check my current address even though the mortgage is in my dads name? We want to do things sensibly preferably with a high street bank rather than a broker. Does anyone have any advise? We are looking to get an appointment this month with an adviser but would like to know our chances at the moment. |
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nuttyred x
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hi m/babe
You would do better if you could build your credit rating first.
With you not having one at the moment it can be as bad as having a poor history.
Let me explain, the lenders have nothing to go on when you have no credit outstanding and you never have. The reason they did credit search was to see if you made your payments regular and what debt you had outstanding.
Your search will answer one question... there is nothing outstanding, but they still don t know what you would be like at paying a debt back as you have never had none. so non the wiser it puts the lender in a bit of a predicament.
STAY OUT of your overdraft and conduct your account well try and save a little each month.
A credit card used to purchase petrol/groceries and settled the end of every month will show on a credit search and when used intelligently can be ideal for building a credit profile
If you can you should aim for the high street lender they charge fees themselves but your right a broker will charge a ridiculous amount if they can (i must stress they are not all the same!)
The lending criteria has changed dramatically over the past three months so the more you have in the way of a deposit the better it will be for you.
If you have no deposit and no credit profile, taking into consideration the fragile state of the industry at the moment i would say your chances would be very slim at present.
Concentrate for 10-12 months on building a profile paying every thing you have promptly, stay out of your overdraft do not take any loans out in the mean time as this will affect your affordability of the mortgage.
Save as much as you can in the mean time, and there is no reason why you will not be able to aproach the high street lenders for a mortgage.
Dont have any credit searches done between now and applying for your mortgage and even then when shopping around do not let them credit search you. Tell them they can credit search you when you have decide who you intend to take your mortage with.
Shop around dont go to the first person who tells you they can do it and keep an eye on their fees.
I wish you both the best of luck x |
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CC
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You're mom's credit rating won't relfect on your unless you've cosigned for a loan with her. It is very difficult to get a mortgage without a credit rating and paying bills doesn't give you a credit rating. (It will only give you a bad credit rating if you don't pay bills and go into collections).
The only other thing a mortgage company will take into consideration is your income. If you earn at least 30% of the monthly amount you may have a chance. They may consider your combined income with your boyfriend but since you two are not married they may not see the arrangment as very secure.
You can try to find someone to cosign on the mortgage. It doesn't seem like your parents will help but maybe there's someone on your boyfriends side that could?
If you don't have any luck, get a credit card and pay it off religiously every month. Try to stay at the same job for at least two years to show you have a stable income and save for as much of a down payment as you can.
Good luck to ya! |
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mark_harrison_uk2
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1: You DO have a credit rating. It may not be as good as it would be if you each had a credit card, but you have one nonetheless. If both of you have jobs (and have had them for a few years), then things should be fine.
2: Your mum's credit rating SHOULDN'T affect you, unless you have the same first name. If you do, then you may need to sign a form confirming that you're a different person. (This is actually where a good broker may be able to help more.)
3: I would not automatically assume that High Street Banks are going to be a better way to go than through specialist brokers. I'm a landlord, so have had a lot of mortgages over the years, and I cannot think of a SINGLE TIME that my broker hasn't been able to get me a better rate than the high street ones.
4: If you have concerns about your credit history, then £4 spent with Experian and Equifax (£2 each) will get you copies. That will, at least, show you whether you have any "negative" points.
5: I personally use a no-fee broker, who gets paid a commission by the lender (exactly as a high street bank employee does) rather than charges me a fee. I have yet to find a fee-based broker who can get me better deals.
I am NOT allowed, by law, to recommend you a broker. This is because I'm a public speaker and author on the subject of property investment, and therefore covered by the Financial Services Authority's "perimeter guidance" rules.
If I were you, though, I'd go and try to find a broker through local recommendation, and see how their recommendations stack up against your banks'. |
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stan®™
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we all have a credit rating, it is just weather it is good or bad, but is it the right time to buy, prices have come down a little will they more, a gamble.
To get a good idea of your rating go to site bellow, you do have to pay a little to each agency but it is worth it, i think it is about £2+ two are bellow
there is a link [checkmyfile] where you can buy a single report for all three main agencies. |
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merle p
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You should have a credit rating but to help up it get a credit card - I know sounds daft - use it a couple of times and pay off full amount at end of month.Use Internet banking and you can really keep an eye on it. Good luck in your house hunting :) |
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leambi
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you dont need to have had a credit card or loan to have a credit rating, if you pay anything my direct debit and have bank accounts that you dont go overdrawn in (unauthorised) then you should have a credit rating, you should probably speak to an independent mortgage broker who will be able to offer you some advice (for free). |
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twiggy
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regarding your credit rating, you will have a rating, it wont be bad because you went into your overdraft, aslong as you paid it back ON TIME. Your address, if your mum lives at the same address and has a bad rating, depending on which company you go to, depends on if they take your mums rating on board, as some do, and some don't. I personally think you will be ok, just coz your mum has bad history, doesn't always mean that you will, and this is usually taken on board, like I say it depends on what company you go to, but you are better to go to some big high street place than the smaller back street ones, coz they put silly charges on things, and you end up paying through the nose for it. Hope this helps you. |
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luludoodie
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If you have a bank account you have a credit rating.
Your biggest problem is more likely to be you can't afford anything!
Also with the current credit crunch the banks etc are very choosey as to who they lend to and only cherry pick the best risks. So the only mortgage you are likely to get will be at a higher rate to justify the risk level.
Suggestion is to go to a couple of Building Societies to see what they say. At present the financial world is in great turmoil so you need to check your own actual circumstances!
Best of luck. |
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Expert Realtor
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Banks DO NOT report activity from checking accounts and debit cards to the credit bureaus. The only thing that banks report (other than loans or credit cards), is collections if you are overdrawn and don't pay up within a certain period of time.
An FHA loan was designed for people with deficient credit. What you two can provide is ALTERNATIVE credit sources. That would include showing a 1 to 2 year payment history on things like electric bills, cell phones etc. However, you have to prove these were paid on time each month.
I would also HIGHLY caution you not to make any major financial commitments with your boyfriend if you two are not married. "Playing house" is fun, but offers you ZERO legal protections under the law....you are just roommates.
Married couples enjoy certain legal benefits that singles who live together do not have.
Yes, marriage is a commitment, but so is a 30-year mortgage...if you are ready to do one, you should be ready to do the other. |
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