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10% Deposit But No Credit History!
wrkactjob
Posts: 248 Forumite
First time buyer, but have been out of the country for many years.
Now in full time employment but not on the VR and have NO credit history.
Obviously once I have a house I can build some up...but will anyone lend me a mortgage (withing 3 x of my eanrning multiples) with sufficient deposit only?
Surely they run no risk as I have a 10% deposit?
Now in full time employment but not on the VR and have NO credit history.
Obviously once I have a house I can build some up...but will anyone lend me a mortgage (withing 3 x of my eanrning multiples) with sufficient deposit only?
Surely they run no risk as I have a 10% deposit?
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Comments
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Yes it shouldnt be too much of a problemI like to give people as many choices as possible to do what I want them to. (Milton H Erickson I think)0
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YOu should be able to find lenders to do this as long as you have the usual requirements of proof of ID and address etcI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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herbiesjp would it help if I got on the VR and got a BT line installed? would this help with regards to credit scoring?0
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Going on the voters roll will but that will take time to show up.
As long as you have bank statements, driving licence or other utility bills you should be fine in terms of proof of addressI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
surely you it will take a couple of months to find somewhere and do the legals, by that time you could get at least something built up with utilitys bills, a contract phone and a credit card.0
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