Decision in Principle?

ellenlh

Me and my partner are applying for a mortgage and our next thing is to go through the decision in principle. I am slightly worried about the credit check as I don't really have a credit rating - I have no bad credit at all. I am on the electoral register, I pay my car insurance off every month and just recently got a phone on contract and are paying that off every month. On the other hand my boyfriend has a brilliant credit rating - he has had loans, credit cards, over drafts and mobile phone contracts and has paid them all off religiously. What do you think the outcome will be?

Thanks

Southend1

ellenlh wrote: »

What do you think the outcome will be?

Who knows, but you have car insurance payments and phone contract so that should help. Good luck!

AskMeAnother

Although it is possible, I have witnessed only a handful of applications that failed due only to having a low credit score (as opposed to a bad credit score) when everything else in the application looks solid.

There are also a fe lenders around that don't credit score - they only credit search - so even if you did fail a credit score with one of the "big lenders" there may still be very valid options open to you.

The fact that one of you has maintained several lines of credit will usually make up for the other IMO.

Good luck!

Wh05apk

Don't worry, as long as you are on the VR, you should be ok, if you were not, that's where lenders get funny, if they can't trace you they would assume you were registered elsewhere, possibly with debts.

So just go for it!

kingstreet

Loads of missing information.

Lenders look at a full picture of a proposition, such as deposit, loan to value, affordability, credit history, income, residence history, employment history etc.

Car insurance payments don't contribute anything to a credit score. They aren't classed as credit and wouldn't be disclosed on a mortgage application as credit commitments. Neither would a phone account, although problems with such an agreement may cause problems with some lenders.