Do you have a credit policy?
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.
A Your Home application will be declined if one or more of the below are identified on the credit search:
- Any CCJ’s or defaults registered in the last 12 months (whether satisfied or not).
- Any satisfied CCJ’s or Defaults with balances totalling more than £1,000 (individual or accumulative).
- Any missed payment on a mortgage or related secured loan within the last 12 months.
- Arrears of more than 1 month in the last 12 months.
- Arrears of more than 3 months in the last 24 months.
- Any IVA/DRO/Bankruptcy or mortgage repossession entered within the last 3 years (whether satisfied or not)
- Any outstanding CCJ’s or defaults in the last 6 years.
- More than 3 satisfied CCJ’s or Defaults.
- Currently bankrupt or subject to a DRO or IVA (i.e. where entered into more than 3 years ago).
- Has taken out a payday loan in the last 12 months.
- Criminal convictions (other than minor driving offences) where the conviction has not been spent under the Rehabilitation of Offenders Act 1974.
- Disqualified directors.
All applications are subject to credit scoring and we reserve the right to decline an application if our internal score cut-off is not met.
Where there are two purchasers, and one meets the above credit requirements and one does not, we will review the application if the case meets our affordability checks.
In some exceptional circumstances, where severe life events beyond your control have impacted on your credit history, exceptions may be made and an appeal can be submitted to Credit Risk with supporting information/documentation. Please discuss with your financial adviser or our head of sales team.
