little credit history

BelowTheLine

I really hope my daughters grow up to be half as frugal and disciplined as your son appears to be!

I don't think he will have too many problems getting a mortgage but would definitely advise going through a broker. Given the apparent lack of complications, there are plenty of fee-free mortgage brokers who should be able to help. Just check out the MSE page on mortgage brokers. I wish your son the best.

freddielover

BelowTheLine wrote: »

I really hope my daughters grow up to be half as frugal and disciplined as your son appears to be!

I don't think he will have too many problems getting a mortgage but would definitely advise going through a broker. Given the apparent lack of complications, there are plenty of fee-free mortgage brokers who should be able to help. Just check out the MSE page on mortgage brokers. I wish your son the best.

thank you, I don't think my other son or my daughter will be in a similar position, my eldest has asperger's so is very structured and has no desire for a social life, so I think that helped him be so frugal

stayathomeandsave

BelowTheLine wrote: »

...would definitely advise going through a broker.

This is good advice. It may cost a bit but can save £1,000s over the years your son is a homeowner. My FTB mortgage was a product that offered £1,000 cashback so I only ended up paying £250 in effect to my mortgage broker and he managed to get what I couldn't when contacting high street banks. Brokers also make income from commission from the lender every time they sell a product so are happy to negotiate often too if they are reasonable!

ethank

Another recommendation for a broker. They know where to place people to the right lender. Invaluable info.

Stultus

I had similar worries as you because I’ve never taken out any form of credit card or loan or any other credit agreement and nor has my partner who I’m buying my home with.

I had a current account and a few savings accounts and one direct debit (for a sim only phone). My partner had one current account and one help to buy isa and a couple of direct debits for utilities. We were both on the electoral register but I had only just moved in just before we applied for our mortgage. I save a lot of money (half my salary) every month including on behalf of my partner (I made all the payments into his help to buy isa).

However there were absolutely no issues, Nationwide looked at our bank accounts, saw we genuinely were as squeaky clean as we said and promptly offered us a mortgage.

stayathomeandsave

Stultus wrote: »

Nationwide looked at our bank accounts...

I didn't even have to submit bank statements when I bought my FT house. I am sure this is because my broker had a good relationship with the lender.

Stultus

stayathomeandsave wrote: »

I didn't even have to submit bank statements when I bought my FT house. I am sure this is because my broker had a good relationship with the lender.

It’s probably not to do with your broker. Different lenders ask for different things, some care about your bank statements, some don’t. Some only asked from them if you fall into certain groups (e.g. only ask from self employed). It also depends on when you bought, it was a very different story 5 years ago when you could self certify everything.

stayathomeandsave

Stultus wrote: »

It’s probably not to do with your broker. Different lenders ask for different things, some care about your bank statements, some don’t. Some only asked from them if you fall into certain groups (e.g. only ask from self employed). It also depends on when you bought, it was a very different story 5 years ago when you could self certify everything.

Good point there Stultus!