Any ideas?

[littleone85]

Me and my boyfriend went for a mortgage at Yorkshire Building Society, all was going well until they did the credit check......... me and my boyfriend being careful with our finances have never had credit cards or loans so we have no credit history. We went for a 100% mortgage but they'll only offer us 95%, which doesn't help much since if we had the 5% we'd have gone for a 95% mortgage in the first place!!!
The house we love is on the market at a great price so it won't last for long (�83, 950 for a 3 bed house) and depending on how long it takes to save the deposit (�4200) its unlikely we'll find many other three beds by then for a price we can afford. We don't want to try loads of companies because we've been told every credit check thats run shows on the record and the more you have the worse it looks.
What a condundrum!!!
Any ideas on what we should do?

[EverClean]

See a mortgage adviser - there are plenty of 100% lenders that want your business - YBS not being very helpful. Any 100% lender should understand that their clients are likely to be first time buyers with little or no credit history!

This is a growing market, but a fairly complex one - go see a professional who will do the legwork for you and save multiple searches. Ask friends and family if they can recommend a mortgage adviser that they have used in the past.

[PrinceRainie]

As an IFA....I couldnt agree more with EverClean.....seeking proper advice from n advisor that deals with the whole market place is the best option as he-shewill know, who, based on your circumstances will be the best company to apply to. Therefore not requiring the need to apply to loads of companies. Make sure it is a proper mortgage broker or IFA (NOT A TIED ADVISER SUCH AS A BANK OR BUILDING SOCIETY)

[JPChenet]

You really need to get a mortgage promise before you start looking for houses. Borrowing 100% is VERY risky with the current state of the economy and the housing market. Plus you will have to pay higher lending charges which you obvious can't afford.

As far as the "don't shop around" advice goes - that's stupid. They probably just didn't want to lose your business. Yes every credit check goes on your record but it is hugely insignificant compared to everything else. Shop around and get the best deal you can. When you get an Agrement In Principle (a Mortage Promise) you can safely look for houses knowing exactly how much you can afford.