Irish Credit Bureau

doubter

Hi,

I'm in the process of buying my first property. Before actually sending out the full mortgage application, i decided to pull my own Credit history.
Great one thinks..

Hm. It came back on monday stating - not data found.

Does anyone have any idea how that is going to be viewed in the application..?

Trish56

If you never borrowed before they wont have any records for you however it should not affect you in getting a mortgage as the lender will take into consideration your regular savings record and how you conduct your current account.

doubter

Thanks...I don't save either lol. I just have a 25% deposit in cash as a gift.This is going to be interesting.

doubter

however, I always pay my rent strictly on time.That might help.And the fact that it's significantly higher than my Mortgage repayment would be.

Trish56

Once you can show proven repayment capacity for stress tested repayments circa 6.50% in either savings or rent or both you should be ok. Lenders do like to see however that you saved some part of the deposit yourself.

It is also important that you have no referral fees or unpaids on your current account and that you are not using an overdraft and that your rent is paid by bank transfer or standing order. Carrying a balance on your credit card would also be looked on negatively.

doubter

Don't have a credit card. Rent is paid in cash but I have a rent book from my landlord, and it's also marked as rent going out of my account as both out accounts are with the same bank.No Overdraft, but a few charges for irregular activity cause a certain company decided to take their direct debit before the due date, but that's all really.