Firstbuy credit rating

leereni

Just wondered if anyone knew how good your credit report needs to be to get a firstbuy home.

My credit report is as follows:

Loan - settled 08/2011 - Fully up to date for 15 months prior to being settled. Before that I was on an arrangement.

Credit card - settled 03/2007 - all payments made on time.

Catalogue account - ongoing account owing £1000 - one late payment 16 months ago.

Loan - settled 03/2007 - prior to being settled I was on an arrangement and was therefore behind in paying.

Thanks

Davewils

Well that's certainly a better credit record than me and i hope to go through the process in January.

From what i've read, the main thing appears to be that you have been paying rent for the last year and not missed any payments.

If applicants have rent arrears during the last 12 months, are in breach of their current tenancy agreement or have an adverse credit history which means they are unlikely to be able to sustain ownership, they will not be eligible for FirstBuy.

Seeing as any missed payments on your accounts are years ago, i dont think you have any worries.

leereni

What's your credit like?

Even though I've only got the above accounts my credit score with experian is still poor.

hanes

It also states if you have an adverse credit history you may not be accepted im looking into this also currently it may help if you convince a lender that you are a good risk with a hefty deposist but we all know how hard that is in current times.