Why is it difficult getting a mortgage without a credit history?

Getting a mortgage without a credit history can be more difficult because lenders typically rely on credit scores and credit history when assessing your mortgage application.

Your credit history provides a record of your current and previous borrowing and how these accounts are or have been managed. Having a good credit history where payments are or have been made on time, will give the lender more confidence when assessing your mortgage application which in turn will lead to the likelihood of your mortgage application being approved.

A lack of credit history often means you are likely to have a low credit score. Your credit score is generally driven by the types of credit commitments and payment history recorded on your credit file. Without a good credit score, you could be considered as a higher risk; this could lead to less favourable interest rates being available to you or even your mortgage application being denied if the wrong lender is sent your application.

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