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Applying for mortgage problem

Have been refused a mortgage by one lender due to having never had loan/mortgage/credit card/hp etc before. Advisor said have no history of repayment proof so although have 800 score on Experian and 45k provable income as well as 10% deposit i don't have good enough score to get mortgage. Is this right?? How do i get round it? Need to be out of rented by may. Please help!

Asked on Mar 16 2015, Home Finance in Swindon | Report content

Answers (1)

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  • Sorry to hear about your mortgage refusal Lauren. Many lenders do like to see a proven track record of responsible credit management so your experience is not unusual. You might benefit from taking steps to strengthen your credit history, for example, by taking out a credit builder type credit card. If you spend a little on it each month and repay the balance in full each time you'll avoid the interest payments and start to build up some positive history, which wshould help you. You can track your Experian Credit Score while you do this to see how you're getting on. You might also check out the link below for further advice on getting mortgage fit. Good luck! James

    Web reference: http://experian.co.uk/consumer/makeithappen/index.html

    Answered on May 28 2015, Report content

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