Getting a mortgage with no credit history

Ft01

I hope to get on the property level soon, however I was wondering if me not having any credit history will be a problem/stop me from getting a mortgage?

If so what can I do to improve my chances?

harvey115

You do not have to borrow money in order to have a credit history. Simply have the following:

- Enrol yourself tot he electoral register
- Have a couple of Current accounts (if you already have, they should already be showing on your file)
- Phone accounts (you might already have this as well orange, 3 or whichever network with monthly contract)

The above would usually get added to your credit record.

Ft01

harvey115 wrote: »

You do not have to borrow money in order to have a credit history. Simply have the following:

- Enrol yourself tot he electoral register
- Have a couple of Current accounts (if you already have, they should already be showing on your file)
- Phone accounts (you might already have this as well orange, 3 or whichever network with monthly contract)

The above would usually get added to your credit record.

Thanks, I thought it was all related to having credit cards and having borrowed money.

I have a bank account +debit card.
I'm on the electoral register
But, I don't have a pay monthly phone.

harvey115

Not to worry, phone accounts is not necessary just an addition to your credit history.

As long as you have credit/debit cards and are registered on the electoral register you should be fine. You may not realise but you might have more then you think on your credit files.

If you are worried I would suggest you request the £2 Statutory report (Experian and Equifax) and check it out.