If you are purchasing a share with Your Home, you will be subject to a credit search, this will take place once we have received your application form.
Your Home’s minimum credit history requirement for purchasers are:
- No IVA/DROs/bankruptcy or mortgage repossession in the last 6 years;
- No unsatisfied loan default in last 6 years;
- Satisfied CCJs/defaults must total less than £1,000 in cumulative value;
- No loan >£1000 balance >3 months in arrears at any time in the last 36 months
Where the above are satisfied but the purchaser has a history of missed payments, Your Home will use a credit score and may decline low scoring purchasers.
Where there are multiple purchasers, some who meet the credit history requirements and some with unacceptable credit history, if the total monthly costs of the proposed purchase is less than 40% of the net monthly income of the applicants with acceptable credit, the application will be acceptable.
In exceptional circumstances, where severe life events beyond their control have impacted upon a purchaser’s credit history, exceptions to these credit standards may be made on individual review.