Mortgage applications 'may not be affected by lack of UK credit history'

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Mortgage applications 'may not be affected by lack of UK credit history'

Thu 31st Jul 2008

It "may not matter" if a mortgage applicant does not have an up-to-date credit history in the UK, a Guardian financial adviser has said.

Responding to a British reader based in America and considering returning, Virginia Wallis said that other factors were important in applying for a loan in Britain.

The reader has maintained a current account in the UK and has an "excellent" credit history in the US.

Ms Wallis observed that annual income, relationship with the potential lender, job and length of employment are also factors considered for a loan and so the applicant might not have to worry about a lack of British credit history.

However, she said it "may count against you" if the reader has not done business with the lender being approached, as such a lender has no information.

Ms Wallis' advice was to apply with the bank with which the reader has the account.

Finance Daily has offered tips on how to improve credit history.

This included closing down redundant accounts, registering to vote and not applying to too many lenders.

Click here for more mortgage news.

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