FTB with no credit history

Penka

Hi,


After renting for about 15 years now, I have (eventually) decided to try to buy a very modest property. The properties are in the region of £85 to £90K and I have a deposit of £22K - I earn £41000 per year.


However, I do not have a credit card (having made use of debits cards and cheques to date) and even my phone is 'pay as you go' so I will leave no evidence of credit usage on checking. I have had no debt problems / non-payment of bills / no dependents and have evidence that I have been solely paying the rent on my present residence for over 5 years at a rate higher than the potential mortgage repayments.


Do you think that lenders will take these factors into consideration or would my lack of credit history be too great a problem?

Thanks

happybroker

I think that you should be ok.

Get a copy of your credit report (see the relevant areas of mse for ways to do this free) and speak to a quality whole of market broker before trawling yourself around the high street as this may do more harm than good.

good luck