No Credit History Mortgages

There are many reasons why you may have no credit history. For example, you may have no credit history if you are living with your parents, or if you have recently moved to the UK. In some instance, your credit file may even be too old.

You may be pleased to know that it is possible to build a credit history.

In short, it’s helpful to have a credit history. This is because lenders need to assess your ability to repay the mortgage, and with no credit history, there is an element of the unknown.

Thankfully, we work with a wide range of specialist mortgage lenders, and with our experience, we may be able to help you secure a mortgage with little or no credit history.  

Which you may not find possible with mortgage advisers that are not whole of market.

Lenders like to check whether a borrower can manage their finances, therefore they prefer applicants to have a credit history. You may have a credit history that you’re unaware of. No matter how small your credit file is, any amount of history can help.

Remember, while you may be financially stable and dependent, the reality of the situation is that lenders want evidence of this, often in the form of a credit file.

Essentially, a lender is looking to see if you are financially responsible and able to make repayments. Therefore, if you can demonstrate that you can repay some form of credit such as a mobile phone contract over some time, then this is advantageous.

There are many more tips for building a credit history here.

The short answer is it depends. Some lenders for instance may look at the last six years of your credit file, however, each lender is different. It’s advantageous to build up a credit history, as most lenders will use this information to assess your financial situation. Even if you have little or no credit history, we could still help.