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Last Updated: 18th September 2023

Can you get a Mortgage with No Credit History?

Getting a mortgage with no credit history can be challenging, but it’s not impossible. Lenders typically rely on credit history to assess a borrower’s creditworthiness and determine their ability to repay a mortgage. When you have no credit history, it means there is no record of your past borrowing and repayment behaviour, making lenders uncertain about your financial responsibility.


Understanding the Challenge of No Credit History

Having no credit history means that there is no documented record of your past borrowing and repayment behaviours. While this may sound like a clean slate, it can, in fact, pose more hurdles than having a bad credit rating. Here’s why obtaining a mortgage with no credit history can be a challenging endeavour:

Limited Mortgage Options: Traditional mortgages often require a well-established credit history. Without this history, you may need to explore alternative lending options, such as non-traditional lenders, which may come with less favourable terms.

Higher Perceived Risk: Lenders typically assess borrowers’ credit histories to gauge their creditworthiness and assess the risk of lending. When you have no credit history, lenders may perceive you as a higher risk because they lack information on your financial habits.

Higher Interest Rates for Borrowers with No Credit History: Even if you are approved for a mortgage, you may face higher interest rates, which can lead to larger long-term costs over the life of your loan.

Getting a No Credit History Mortgage

Building Credit from Scratch: Your journey toward homeownership begins with establishing a credit history, especially if you have no credit history. This can be accomplished through secured credit cards, credit-builder loans, or by becoming an authorised user on someone else’s credit card. Consistently making on-time payments and demonstrating responsible credit management will gradually build a positive credit history.

Working with a Mortgage Broker: At Mortgage Experience, we have brokers that specialise in finding mortgage solutions for individuals with unique financial situations, including those with no credit history. They have access to a network of lenders who may be more flexible or offer specialised programmes for borrowers facing this challenge.

Offering a Larger Down Payment: A larger down payment can help mitigate the lender’s perceived risk, especially when you have no credit history. It demonstrates your commitment to the property and can improve your chances of mortgage approval.

Demonstrating Stable Employment and Income: Lenders want to see that you have the financial stability to repay the loan, especially when you have no credit history. Maintaining a stable job and consistent income can bolster your mortgage application.

Considering a Co-Signer or Joint Application: Exploring the option of having a co-signer with a strong credit history or applying jointly with a spouse or family member who has established credit can significantly enhance your application, especially if you have no credit history.

Securing a mortgage with no credit history may be challenging, but it is far from impossible. By taking proactive steps to build credit, exploring various no credit mortgage options, and seeking guidance from professionals who understand your unique situation, you can significantly increase your chances of obtaining the mortgage you need to achieve your dream of homeownership.

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No Credit History FAQs

Why do I have no credit history?   

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.

Do you need a credit history to get a mortgage?

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.  

Why is having no credit history a bad thing?

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.

How do I build up my 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.

How many years of credit history do I need for a mortgage?

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.

The Personal Approach To Your Mortgage

With a Mortgage Experience adviser on your team, you can sit back, relax, and make yourself a cuppa, safe in the knowledge that we will be doing all the heavy lifting to find you a suitable mortgage with the best rates available. This gives you more time to pack, and well, do the actual physical heavy lifting (should you wish) as you move into and enjoy your new home or the financial benefits of your remortgage.

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