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No credit history doesn’t have to be a permanent barrier to getting a mortgage. Find out how Haysto could help make your mortgage possible.
No impact on your credit score
9 mins
Updated: Oct 18 2024
9 mins
Updated: Oct 18 2024
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Having no credit history can make getting a mortgage trickier, but it’s not impossible.
With our knowledge and experience, we’ve helped many people with no credit history secure the mortgage they need. Read on to find out how we could make your dream of owning a home possible, too.
Yes, it’s possible to get a mortgage with no credit history. However, it’s unlikely any online mortgage lender or high street bank will consider you. 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.
If you haven’t got a credit history - don’t panic! Plenty of specialist mortgage lenders look at applications on a case-by-case basis. It could mean you’ll need a larger deposit and pay slightly higher interest rates. But you’ll have a better chance of success overall if you speak with an experienced mortgage broker first who could help prepare your application and find a mortgage lender who’s more likely to accept you.
Having no credit history means you don’t have enough recent credit activity under your name to make up a credit score. Typically, lenders want to see evidence that you have a proven history of being able to make repayments on time. They do this through a credit check.
All this may seem a little unfair - just because you’ve never taken out a loan or credit card doesn’t mean you’ll be unable to keep up with your monthly mortgage repayments. It could simply mean you generally spend within your means and prefer not to borrow, or you’re relatively young, and this is the first time you’ve applied for a mortgage.
But mortgage lenders have to make sure you’re going to be a reliable borrower, and they do this by checking your credit history. If you don’t have one, it just makes it more difficult for them to make a decision.
It’s possible to have a history of credit without even realising it. For example, mobile phone contracts and utilities are still considered forms of borrowing and will give you a credit score. 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.
This evidence will help your mortgage broker build a stronger case with a specialist lender, giving you the best chance of getting approved for a mortgage. Make an enquiry, and one of our Mortgage Experts will talk to you about the options available.
Having no credit history is not the same as having bad credit, which usually results from a particular credit issue such as a County Court Judgment (CCJ) or bankruptcy, causing a low credit score. It’s common for first-time buyers to have no credit score because they still live with their parents (so their name won’t be on any household bills).
As your credit record only covers the last six years, you could have no credit history simply because you haven’t borrowed money or applied for any type of credit, such as an overdraft, credit card or store card, during that time. So, for example, if you’re retired, you may have paid off all your debts a long time ago and haven’t needed any credit since.
If that’s the case, as long as you still have evidence of any previous credit agreements, you can prove that you’ve previously had a credit score.
Here’s a list of typical reasons why you might have no credit history:
You’re not on the UK electoral roll
You don’t have a permanent address
You have no UK employment record
You don’t have a utility bill in your name
You’ve recently moved to the UK and have not yet opened a bank account
You were living abroad for several years and have just returned to the UK
You’ve been living with your parents
You’re independently wealthy and haven’t needed credit before
You’ve recently been released from prison
Your credit history is outdated (nothing on there for six years or more)
The good news is a number of the reasons above are easy to fix with time and patience. Once you’ve done that, along with some help and guidance from your broker, you’ll be in a good position to apply for a mortgage.
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Our Mortgage Experts are fully qualified with experience in bad credit, self-employed and complex mortgages. They have a proven track record of getting mortgages for people who’ve been rejected elsewhere.
Get Started Now Get Started NowNo, it’s standard procedure for mortgage lenders to conduct a credit check before offering you a mortgage. How they react to the results will vary. A mainstream lender would likely see an applicant with no credit history as a red flag. But, a specialist lender will judge your application overall.
This means that they will consider not only your credit record but also your employment history, disposable income, age, and the size of your mortgage deposit before making a decision.
If you can provide evidence for why you have no credit score but the rest of your application looks strong, you’ll have a better chance of getting a mortgage by applying to a lender who looks beyond computerised checklists and considers applications on a case-by-case basis.
This is where we can help! Our team of Mortgage Experts will already know where to look and which lenders will consider applicants with no credit history more favourably. If you make an enquiry, we’ll arrange for a member of our team to contact you straight away to get started.
By following these essential steps and building your credit history before applying, you’ll give yourself the best possible chance of getting a mortgage.
Building your credit file from scratch is more straightforward than trying to repair a bad one, and you should begin to see positive results more quickly. The actions you can take include:
Registering on the electoral roll* at your current address
Opening a UK bank account
If you’re currently renting, make sure your name is on the rental agreement and, if possible, the rent payments come from your new bank account
If employed, ask your employer to pay your wages into your new bank account
If self-employed, open a bank account for your business and pay your earnings into it
Make sure your name is on your household utility bills
Apply for small amounts of credit - a basic credit card, store card and overdraft
Take out a mobile phone contract in your name
Make sure all your financial obligations are paid in full and on time
All of the above measures will immediately create a credit profile in your name and make you visible to prospective mortgage lenders when they do a credit search.
Once you begin to build your credit profile, you can check your credit score by regularly downloading your credit file**. By taking the actions outlined above, you should see your credit score increase over time (typically six to twelve months).
Your Credit Report will show you every item of credit registered in your name, in addition to your credit score. You can also check that all of the information held (including your personal details—name, address, age, etc.) is accurate and up to date.
If any of the details need to be corrected, you can contact the Credit Reference Agency directly to have them updated.
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To get a full view of your credit information from all three agencies, use Checkmyfile free for 30 days, then £14.99/month (cancel anytime).
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If you have no credit history to prove to a mortgage lender that you can comfortably meet your mortgage repayments each month, they’ll likely ask for a larger deposit to offset the perceived risk they’re taking. As a minimum, you should expect to be asked for a deposit of between 5%-10%.
So, it’s a good idea to start saving for a deposit straight away while you build up your credit score. The bigger your deposit, the less money you’ll need to borrow for your mortgage, strengthening your application.
As tempting as it may be to approach a high-street mortgage lender directly, if you currently have no credit history, this can often result in your application being rejected. This is why seeking the help of an experienced mortgage broker could be a wiser option.
Specialist mortgage lenders—the ones who will look at your application in much more detail and not just focus on your credit record (or lack of it, in this case)—are typically only accessible through a mortgage broker.
Your broker can review your situation and offer advice on which specialist lender is best placed to help you, giving you a much greater chance of getting the mortgage you need.
No, not necessarily. Having a credit card and repaying the bill each month can be an effective way to build your credit score before applying for a mortgage. However, other lines of credit, such as a mobile phone contract or a bank account overdraft, will achieve the same result.
Some mortgage lenders use their own internal credit scoring when assessing an application. But others, such as Bluestone Mortgages, Pepper Money, and The Mortgage Lender, don’t. These lenders look at each application as a whole and on its merits before reaching a decision.
For people with no credit history but who otherwise are a strong applicant, a mortgage lender who chooses not to do their own credit scoring (not the same as the credit score given by a credit Reference Agency) may be the better option.
Our team at Haysto has a successful track record of helping people with no credit history get the mortgage they need when other brokers can’t.
When you contact us, we’ll make sure you’re matched with one of our fully qualified Mortgage Experts. They have specific experience arranging mortgages for people in a similar situation and will understand how to make this possible for you.
Each of our customers gets four experts working on their case. Our dedicated team will guide you through the whole mortgage process from start to finish, including:
Ensuring your mortgage application is ready for submission within 24 hours
Searching over 12,000 mortgages to find you the best terms possible
Providing a valid Agreement In Principle (AIP) - one you can trust directly from a lender
£100 gift card mortgage guarantee if we can’t make your mortgage possible, but another broker can
Just make an enquiry, and one of our Mortgage Experts will contact you immediately. Rest assured, if there’s a mortgage out there for you, we’ll find it.
We Make Mortgages Possible
Our Mortgage Experts are fully qualified with experience in bad credit, self-employed and complex mortgages. They have a proven track record of getting mortgages for people who’ve been rejected elsewhere.
Get Started NowWe're a judgement-free zone. If you still have questions, we've heard most of them before. Here are some of them answered by our team of experts.
Your credit score is a three-digit number based on information taken directly from your Credit Report. Lenders use it to decide whether to accept your credit application.
Your credit report contains the following information:
Your personal details, such as full name, age and address history
Details of all credit accounts - credit cards, mortgage, bank overdrafts, etc. held over the last six years
Your payment history over the previous six years (including any missed or late payments)
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Haysto Ltd is an appointed representative of HL Partnership Limited which is authorised and regulated by the Financial Conduct Authority. Registered Office: Haysto, Crystal House, 24 Cattle Market Street, Norwich, NR1 3DY. Registered in England and Wales No. 12527065
The guidance and/or information contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.
Your home may be repossessed if you do not keep up repayments on your mortgage.
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