will my daughter get a mortgage?

Marine_life

My daughter has just graduated from University and would like to buy a flat.

The flat has a value of 120k and she has a depost of around 20k.

She is starting her first job and will have a salary of 40k, she has no debt of any sort but has never had any credit or credit cards.

Will she be able to get a mortgage and are there special considerations I would need?

I am prepared to act as guarantor but as we are located outside the UK I am not sure that it works.

kingstreet

She should be fine.

Voyager2002

She should speak to a broker: her lack of credit history would not help, but should not make things impossible.

Alternatively, she could just rent somewhere, develop life skills before buying a property (always a good idea) and start to make normal use of credit cards and things. After a few months that would give her access to a wider range of mortgages.

amnblog

She will get this placed but worth using a broker - as a FTB she is liable to make avoidable mistakes otherwise.

HanPanStrawberryJam

I was told by our mortgage lender 6 weeks ago that it's a myth that you have to have had credit to get a mortgage/ credit score. I took out a credit card specifically to get a mortgage and when I mentioned it, our lender said it makes no difference what so ever!

I graduated last July and just completed the purchase of my first house, firmly believe the sooner you get on the property ladder the better especially since interest rates are so low.. get going and fix the mortgage for as long as you can!

I'd like to point out that I'm a first time buyer with no previous experience of house buying.. we did it ourselves with no need for a broker, any advice a broker could give you you can get online (here)/ from the mortgage lender directly yourself. We sailed through our application in 8 weeks from finding the house to completion by calling the lender, solicitor and estate agent regularly and we both work full time..

She should be fine and massive congrats on graduation and the epic post grad salary, you must be so proud!!

Best of luck!

kingstreet

Going back to 1997, Halifax was telling us to make sure when doing an agreement in principle, we enter all the possible phone numbers and more points were scored by those with an M&S Chargecard.

Now, there are lenders who do not credit score, so your credit history would not help your situation if you have well-conducted credit in the past, but on the whole these are few and far between and the best deals in most potential markets are from scoring lenders where a visible positive credit history will be helpful.

Voyager2002

HanPanStrawberryJam wrote: »

I was told by our mortgage lender 6 weeks ago that it's a myth that you have to have had credit to get a mortgage/ credit score. I took out a credit card specifically to get a mortgage and when I mentioned it, our lender said it makes no difference what so ever!

I graduated last July and just completed the purchase of my first house, firmly believe the sooner you get on the property ladder the better especially since interest rates are so low.. get going and fix the mortgage for as long as you can!

I'd like to point out that I'm a first time buyer with no previous experience of house buying.. we did it ourselves with no need for a broker, any advice a broker could give you you can get online (here)/ from the mortgage lender directly yourself. We sailed through our application in 8 weeks from finding the house to completion by calling the lender, solicitor and estate agent regularly and we both work full time..

She should be fine and massive congrats on graduation and the epic post grad salary, you must be so proud!!

Best of luck!

I'm glad that things have worked out for you. However, your experience is limited, so beware of advising others...

There are many different mortgage lenders, who apply different criteria when making decisions on applications. Many of them emphatically DO look at the applicant's credit history, although some (such as yours) do not. Equally, there are some mortgage products that are only offered through brokers, so again seeing a broker may increase the choice open to an applicant.

And do remember that house prices can fall as well as rise...