Would I be able to get a mortgage? 19, no credit rating.

unome4

Hi, I'm 19 and looking to invest in a property. I don't have a credit rating, but do have a deposit of £10,000, a monthly in come 1200 after tax (permanent office job) and no loans or debts. I've found a property worth 70000 that looks like a good investment but would I be able to get a mortgage even if I don't have a credit rating? Please help!

Thanks!

hcb42

I think you would struggle on the debt and earnings thing to be honest.

What do you mean no credit rating? Are you on the electoral roll? Got a bank account? Phone?

Thrugelmir

Do you still at home with your parents?

ACG

Is this for you to live in or rent out?
If its for you to live in it should be possible. If its for you to rent out then your going to struggle.

unome4

Hi,

I am on the electrol roll and have a bank account, my savings go into NS&I Premium Bonds and I have a phone. I currently live at home and would be looking to live in the property, thanks.

Thrugelmir

Suggest you take advantage of the cheap living. Owning a property is not always a profitable investment. However the more capital you have and less you borrow, will turn improve the likelihood of a better return. So build your deposit further.

unome4

Ok thanks for your advice, much appreciated

ACG

Im with Thrugel...

At 19, i know what its like to want to have your own place...

But you will have no money. No nights out, at the minute you can go out and get whatever you want when you want... you wont be able to do that once you have bills.