1st time buyer. Urgent Advice Needed.

Disduprop

I'm posting this on behalf of a friend.

In a nutshell....
I'm fifty years old. Have always lived with my parents. Therefore I've never been responsible for household bills etc and don't have any untility bills etc in my name. I've never had any credit so really no "credit history".
I'm now looking to buy a property and have 25% deposit and can easily meet mortgage repayments.
However as I don't have a credit history as such, I'm worried that no one would be prepared to offer me a mortgage. Could anyone offer advice? What's my best options?
Thanks in advance.

ShALLaX

You could just try and get some agreements in principle from various lenders. You could get a credit card, use it and pay it off in full each month (basically, stop using cash and debit cards) to prove you are responsible with credit.

Maybe best to see a mortgage broker?

ch3101

I don't want to sound so harsh or anything but if you've lived at home for 50 years, potentially worked for 25-30? how do you only have a 25% deposit?

The reason I say this is that a girl in my street was 35 and her parents said "here's enough for a deposit, you need to move out and get on with things etc..."
She didn't get a mortgage because she has worked full time for 18 years and not saved a penny despite not paying rent, not paying bills etc...

Also due to yor age you may only get a mortgage for ~15 years

ch3101

Regardiong your credit score, get a credit card with your bank ASAP.

So say you have £50 in your current account and fancy buying new trainers, use the credit card and pay it off straight away.

Also potentially speak to a financial advisor/mortgage broker and get an expert opinion.

Also, I hope I wasn't harsh in the first post incase there's a reason you lived with your parents (disability, caring for them/you etc)

ShALLaX

Halifax has a maximum redemption age of 75 (I believe). Still, it limits your options.

ShALLaX

"Correcting spelling" is the new term for adding a new paragraph apologising for harshness?

Besides, it's for a friend...

ch3101

ShALLaX wrote: »

"Correcting spelling" is the new term for adding a new paragraph apologising for harshness?

Besides, it's for a friend...

Haha you got me! But i did initially spell expert as eexpert!

Not sure what you mean "it's for a friend"?

ShALLaX

The OP is posting on behalf of a friend. Or so it is claimed.

Disduprop

Thanks for replies.
Friend lived with parents as was helping to care for disabled father.
Mortgage would be taken out for 14 years.

kloana

ch3101 wrote: »

I don't want to sound so harsh or anything but if you've lived at home for 50 years, potentially worked for 25-30? how do you only have a 25% deposit?

Low/average income? Rent and keep to parents (I'd hope so, after all that time!)?

Anyway, it could be 25% of several hundred thousand pounds, for all we know...

ch3101

kloana wrote: »

Low/average income? Rent and keep to parents (I'd hope so, after all that time!)?

Anyway, it could be 25% of several hundred thousand pounds, for all we know...

"Therefore I've never been responsible for household bills etc and don't have any untility bills etc in my nam"

I assumed from that there wasn't rent paid.

It could be 25% of a 40k 1 bed flat as well