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 two purchasers, and one meets the above credit requirements and one with unacceptable credit, 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 appeal to credit decline can be made with supporting information. Please discuss with your financial adviser or our head of sales team.
