No mortgage for 1yr - affect credit rating?

Lindsey77

I am looking at going back to my parents for a year to 18mths to pay off debts and save money so I have a bigger deposit for a house.
I own my flat and was looking at renting it out. Ideally I would like to sell it now but have been told by a few people that if I don't have a mortgage for that time is it going to affect me getting a mortgage again?

I have had a mortgage for 11yrs with no default and loads of good credit history with on time payments on credit cards etc....

Does anyone know the right answer please?

Farmerbob

I dont know why they have advised that, did they say why? As long as you have a good credit history and a decent deposit then you should have no problem getting a mortgage

Senior_Paper_Monitor

Absolutely - shouldn't have the slightest impact on your general credit rating.

Some lenders own scoring calculations may weight against this scenario but I have no empirical proof of that - and frankly don't see why it should. I doubt whether whoever made the comement has better access to scoring forumlas and their application than I do.

Your plan sounds well thought out, logical and probably very responsible.


A good point about the voter's role made by Wh05apk below - pay off cards and loans, as you indicate, over the period but keep rolling money through the cards paid monthly will be good

Wh05apk

Won't have a dramatic impact, just make sure when you move, you are on the voters roll, and keep some credit rolling over so you can proove you can handle credit.