Final Approval on Mortage after 2 months !
 

Just thought I'd share with you that we just got final approval on our Mortgage. W00t!

I've read all the info regarding building up your credit history etc and it's very valid and useful information. I just want everyone to know that technically, you don't need to have a great credit history to get a reputable mortgage and once you do that goes a long way to improving your credit history.

It's not easy however and you need to be persistent. We have our mortgage through one of the major banks and initially they declined us due to me having a "fantastic credit score" but no credit history. We decided not to take no for an answer though and pestered them to the point where they finally agreed to accept 4 different credit reference from the UK. This basically meant getting a letter from each to say that I had credit from them, or a rental agreement, the account was open for more than a year and there were no late payment.

After some lengthy phone calls I got these. Sent to my Dad in the UK and who forwarded them. It's not the easiest thing to do, especially with UK companies being so caught up in bureaucracy and processes and many companies I tried just refused point blank ( Halifax / BT ) but the like of Orange and Npower where very helpful.

I'm not saying that this will work everywhere, in fact I'm sure it won't, just be aware that the need for credit history is just another rule set by the banks not the underwriters, and rules can be bent in this country more than they can in the UK if you give people the motivation.

Re: Final Approval on Mortage after 2 months !
 

Whoo hoo!

Just in time -- looks like rates are really headed up.

Re: Final Approval on Mortage after 2 months !
 

Rates have gone up again today. Better get a fixed rate mortgage.

Re: Final Approval on Mortage after 2 months !
 

:confused:

I think the OP is buying in the USA - market rates are down for the third week in a row.... and the fed has not changed rates for months...

as it stands I think in the USA rates are probably more likely to go down than go up - if the economy starts to flake more then cheaper money can get people to get their wallets out....
but then again the economy might start going through the roof and they need to increase rates to keep inflation in check...

Re: Final Approval on Mortage after 2 months !
 

Well done, 2 months means you have me beat as it took me 3 months doing the same process, although at the time I was a true ghost, no score and no credit file. Took me Sooooooo many attempts with sooooo many companies before I could get someone to even listen.