You are reading a single comment by @Lynchman and its replies.
Click here to read the full conversation.
London Fixed Gear and Single-Speed is a community of predominantly fixed gear and single-speed cyclists in and around London, UK.
This site is supported almost exclusively by donations. Please consider donating a small amount regularly.
@Lynchman
This.
Providing you have the self-discipline to do so, while saving for the deposit make sure all purchases and payments are done by credit card when viable to do so i.e. when zero percent interest applies; shop around for the right card to to accommodate your needs and make sure to settle your bill in full every months. If applicable, even low interest financing and/or purpose orientated borrowing like a car loan would help your credit rating*. While I have never really been in dept myself (aside from dept to friends and family), hence a virtually non-existing credit history, despite assets and a comfortable income I have had lots of problems even changing banks.
To be honest, mortgage lenders will most likely look at your entire credit history, but needless to say your current situation when eventually applying for a mortgage and your "behaviour" over the past 3-5 years will carry more weight. In fact, presuming for the sake of argument that you get past the automated/computerised initial screening process, having been in deep shit, financially speaking, in the past and sorted yourself out might prove to work to your advantage when dealing with lenders face-to-face. In short banks and mortgage lenders like you to be in dept within your means and providing you meet your responsibilities.