First-Time Advice

gregster2011

Hi everybody!

Just wanted to get the benefit of your knowledge.

My fianc!e and I are hoping to purchase our first home together very soon. We've got a deposit of £50,000 to 55,000 and have been looking at properties in the £150,000 to £170,000 bracket. So around a third deposit.

We both earn around £17,500 per annum, giving us an income of £35,000 per annum combined. We're both in our mid-20's and live together. We have rented for around 3 years and never missed a payment.

The only issue we have is that neither of us has any real credit history as we've never needed any in the past. However, I tried to apply for a credit card, as I'd heard that we'd need to build a credit score and was declined.

Do people think we've got a chance of getting a mortgage?

Thanks very much!

GMS

You have a good deposit which will help enormously.

Having no credit will possibly go against you but you also have no poor credit which helps!

Speak to a broker to see what options maybe available to you.

herbiesjp

gregster2011 wrote: »

However, I tried to apply for a credit card, as I'd heard that we'd need to build a credit score and was declined.

Do people think we've got a chance of getting a mortgage?

Thanks very much!

Credit scoring/underwriting differs between applying for a credit card and applying for a mortgage.

Based on those figures (especially the great deposit) - you should have every chance getting a mortgage agreed.

Are you on the voters roll at your current address?

gregster2011

Thanks for your replies.

We are both on the electoral roll and have been since we moved to our current address.