Yes, you can get a mortgage with no credit history! However, it’s unlikely you’ll be considered by any kind of automated online mortgage firm or your high street bank. They generally reject anyone who hasn’t got a credit file, as you need to prove that you’re good at paying back what you borrow. To get a mortgage when you haven’t got a credit history, you’ll need to pull together anything you can that proves your ability to pay a mortgage. It’s also a really good idea to work with a specialist broker who can help you find a lender who’s likely to accept you.
Having no credit score means you don’t have enough recent credit activity under your name to make up a credit score – something lenders want to see before considering giving you a mortgage.
Typically, lenders want to see proof that you have a proven history of being able to make repayments on time. They do this through a credit check. It’s not really fair - just because you’ve never taken out a loan or credit card, doesn’t mean you’re not going to be able to keep up with your monthly mortgage repayments. Generally, it means you spend within your means and prefer not to borrow!
Sometimes, you might have a history of credit but not realise. For example, mobile phone contracts and utilities are still considered forms of borrowing and will give you a credit history. Things like this can be really helpful if you’re applying for a mortgage without a credit history, because it’s better than having absolutely nothing.
It’s a good idea to pull together any evidence you have that can prove you’re good with money and can keep up with mortgage repayments before you apply.
Here are a few things you can do:
Gather your employment records – i.e. payslips, invoices or bank records.
Provide evidence of paying your rent on time.
Get any utility bills for the property you live in that shows the bills are paid on time.
Anything like this will help your specialist broker to build a case for you to take to a specialist lender. Then, you’ll have the best chance of getting approved for a mortgage. Make an enquiry to speak to a broker who can help you.
We get how it feels when you’re refused a mortgage. We’ve been there. Haysto exists because the mortgage world is broken. If you don’t have a shiny credit rating, you’re self-employed with a complex income, or just don’t fit the mould, the odds are completely stacked against you. We just don’t think that’s fair.
Unlike others, we only work on bad credit, self-employed and complex mortgages. That’s all we do. And we’re up for a challenge.
No robots, no automated answers. We use technology to connect you to a real person. Not replace them.
We only get paid when your mortgage is approved.