No credit history but want to buy a house

juniorthrifty

Hello,

I am new to this forum but I have been using this website and reading the forums for a few years now. I am fairly young (19) and have currently been able to build up enough savings for a 7% deposit on a house. I am starting a new job next week that will allow me to save between £490 - £550 a month for a mortgage deposit.
I would like to know how to improve my chances of being accepted. The only credit I have ever had is my student tuition fee loan and my student bank account with an authorised interest free overdraft of £1000 but i've never used it.
Any advice on how to get a good credit rating, as I don't think I have one at the moment.

Thanks for reading,
Juniorthrifty

ACG

The best way of getting accepted is to get a bigger deposit...the bigger the deposit the better chance you have.

7% at 19 is a pretty good deposit though. Get a mobile phone, that should be a good start. Alternatively a credit card, use it and pay it off each month in full, again that will help.

Just dont apply for loads of credit.

So long as your income supports the mortgage (maybe 4x your income) you should be alright.

juniorthrifty

ACG wrote: »

The best way of getting accepted is to get a bigger deposit...the bigger the deposit the better chance you have.

Yeah I realise that I'm hoping to start applying for a mortgage when I get to just over the 30% mark. So I want to prepare by building up a credit rating

hillcats

Good advice above, get a credit card but make sure you pay it off in full every month, this will give a prospective lender a good indication that you are responsible with money...