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Credit, getting a mortgage - my happy (and hopefully helpful) story!
minirolo2004
Posts: 289 Forumite
Hello all,
About a month ago someone posted a thread about worries over getting a mortgage etc due to lack of a credit rating. The thread rang true with me as I was just starting the process myself, I was hoping this thread may help others.
In Jan, I switched mobile phone providers and was horrified when I didnt pass their credit check. Not because I have a bad credit score, but, because I simply have no credit! I'm in the RAF and I have had 5 addresses in the past 5 years, I wasn't on the electoral role, I have a credit card which I haven't used in years so yup, literally NO credit. But I'm very good with money which, I was essentially being punished for. I tried to check my credit score with experian, but, they needed so much paperwork to verify who I was, I decided to just go ahead with trying to get a mortgage.
I got myself on the electoral role ASAP, although, I was told it would be 2 months before that would be processed. I also set up a DD to pay off my credit card each month and I now buy 1 magazine each month.
Anyhow, towards the end of January, I approached a local mortgage broker in the hope that she dealt with RAF often. I had a 10% deposit saved up and had elected not to use LSAP. I explained my concerns and fears and she seemed completely non-plussed. As it turned out, she was correct, I just had to jump through a few more hoops than normal for the mortgage company in terms of proving affordability.
Its now the beginning of April and I exchanged on my first home yesterday and I move in at the end of the month.
For anyone who really is worried about their credit score and applying for a mortgage, it worked out ok for me and my fears were unfounded. If you truly are concerned, go and see a mortgage advisor (mine charges nothing and takes a small fee on completion) and hopefully that meeting will help some of your worries.
Alias - if you believe this post belongs elsewhere, please move it to there, however as a member of the armed forces and how much worry this caused me - I hope it helps someone else.
About a month ago someone posted a thread about worries over getting a mortgage etc due to lack of a credit rating. The thread rang true with me as I was just starting the process myself, I was hoping this thread may help others.
In Jan, I switched mobile phone providers and was horrified when I didnt pass their credit check. Not because I have a bad credit score, but, because I simply have no credit! I'm in the RAF and I have had 5 addresses in the past 5 years, I wasn't on the electoral role, I have a credit card which I haven't used in years so yup, literally NO credit. But I'm very good with money which, I was essentially being punished for. I tried to check my credit score with experian, but, they needed so much paperwork to verify who I was, I decided to just go ahead with trying to get a mortgage.
I got myself on the electoral role ASAP, although, I was told it would be 2 months before that would be processed. I also set up a DD to pay off my credit card each month and I now buy 1 magazine each month.
Anyhow, towards the end of January, I approached a local mortgage broker in the hope that she dealt with RAF often. I had a 10% deposit saved up and had elected not to use LSAP. I explained my concerns and fears and she seemed completely non-plussed. As it turned out, she was correct, I just had to jump through a few more hoops than normal for the mortgage company in terms of proving affordability.
Its now the beginning of April and I exchanged on my first home yesterday and I move in at the end of the month.
For anyone who really is worried about their credit score and applying for a mortgage, it worked out ok for me and my fears were unfounded. If you truly are concerned, go and see a mortgage advisor (mine charges nothing and takes a small fee on completion) and hopefully that meeting will help some of your worries.Alias - if you believe this post belongs elsewhere, please move it to there, however as a member of the armed forces and how much worry this caused me - I hope it helps someone else.
Per Ardua Ad Astra
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