Worried a "credit blip" will stop you getting a mortgage?

How important is your credit history for mortgage lenders?

The cost-of-living crisis and inflationary pressures has put pressure on people’s finances and made it harder for people to get on the housing ladder due to affordability constraints and more people having a less than perfect credit history.

Looking into your credit history is one of the ways in which a mortgage lender will gain information on how reliable you have been at paying back debts and loans in the past. A mortgage lender needs to be confident that you’ll be able to keep up with your repayments across the whole lifetime of the loan.

What if your credit history isn’t perfect?

Don’t worry, if your credit history isn’t perfect, you're not alone! Many people experience minor setbacks in their credit history at some point. Such as missing a credit card payment, neglecting to pay utility bills on time, or going into an unarranged overdraft. These types of “credit blips” can leave a mark on your credit history but this doesn’t mean you aren’t eligible for a mortgage.

Specialist mortgage support

An expert adviser can assess your financial situation, including your credit history, guide you through the application process and increase your chances of getting approved for a mortgage by finding the most suitable mortgage deal for your circumstances.

We have access to lenders who specialise in working with people with varying credit, whether you've had late payments, past debts, or no credit history at all, there are options available for you.

Your home may be repossessed if you do not keep up repayments on your mortgage.

Approved by The Openwork Partnership on 08/04/2024