For many people, having no credit history can be a very positive commodity, with no outstanding debts owed to credit companies. Many mortgage applicants will not have taken any credit at any point in their lives, particularly first time buyers. However, in the mortgage market, this can lead to mainstream high street lenders being reluctant to offer the mortgage that applicants need or want.
Why Are Lenders Unwilling to Lend?
Lenders will often find it difficult to lend to buyers without a history of credit in place, good or bad. Without a history of credit, a buyer is essentially an unknown entity to a lender, and with no insight into how successfully they have paid debts in the past. For this reason, lenders are often unwilling to lend, being unable to confirm you as a sensible investment on their part.
Can You Build a Good Credit Score?
There is nothing wrong with building a credit score as long as you pay your bills on time. In fact a credit history will help you to secure the more favourable rates. What can you do to ensure that your credit score stays positive?
- Keep track of your credit card balances
- Use your calendar to pay your bills on time, without causing harm to your monthly incoming
- Moving forward, leave any good debt on your report
However difficult, it is possible to get a mortgage without a credit history. Just Mortgage Brokers have unlimited access to the UK mortgage market and thus access to specialist lenders and deals not found on the high street. These lenders can help to find the mortgage deal that you require regardless of credit history or indeed the lack of a credit history. We’ll supply you with a personal mortgage adviser throughout the process to guide you through any difficulties that may arise.
Just Mortgage Brokers have experience of working with buyers of all levels, from first time buyers to experienced landlords with already large property portfolios. If you have no credit history, speak to Just Mortgage Brokers today about acquiring a no credit history mortgage and get the deal that you need.