First time buyers

hopeiwin_2

Me and my partner have been talking about getting a mortgage so we can buy our first house. Is it a problem that my other half does not have a credit rating? He does not have any credit cards or contract phones or loans and never has done because he has not felt that he needs them. Will this cause us a problem? The other thing is that he is self emplyed will this make it difficult for us on a joint application? Any advice will be helpful.
Thanks

Pinklady_3

When we applied for our first mortgage (a couple of years ago) we didn't have much credit either, other than a contract phone each, one paid off loan that I had had a few years before and one store card that I held. Our mortgage advisor told us that we would have had a better credit rating had one or both of us had more credit (providing it was always paid up in time) but it didn't affect us getting a mortgage.

Robert_Sterling_3

hopeiwin wrote: »

The other thing is that he is self employed will this make it difficult for us on a joint application?

Does he have 3 years of accounts?

_Andy_

hopeiwin wrote: »

Me and my partner have been talking about getting a mortgage so we can buy our first house. Is it a problem that my other half does not have a credit rating? He does not have any credit cards or contract phones or loans and never has done because he has not felt that he needs them. Will this cause us a problem? The other thing is that he is self emplyed will this make it difficult for us on a joint application? Any advice will be helpful.
Thanks

How much deposit do you have saved up?

How long as your partner been SE?

hopeiwin_2

Yes he has more than 3 years accounts.
He has probably been SE for around 8 years now.
We have a deposit of £10,000.00

_Andy_

Forgot to ask - what kind of property values are you thinking of?

poppy_f1

if your worried about lack of credit history then get a credit card, use it every month for something like petrol and pay off in full
will help a lot

CLS26

Just to caveat Poppy's advice - it is difficult to get approval for a credit card if you have no credit history. You might even end up with a search on your credit report but no credit card to show for it, which doesn't look good when the lender checks you out for the mortgage!

Apparently the best bet in these circumstances is either (a) try your personal bank for a credit card or (b) get a contract phone - they'll give one to anybody!!!!

CLS