Meet Fiona…

Fiona is 28 and lives and works in London. We met at our sell-out pop-up event ‘Cred & Breakfast’ back in June 2018, where we talked about her dream to buy a property in London and how her credit score can help her get prepared for getting onto the housing ladder.

Like many millennials, Fiona knows all too well about how hard it can be to make that first step to getting on the property ladder: “It’s become virtually impossible. Unless you’ve got thousands and thousands of pounds in the bank, or you’ve got parents or aunts and uncles who can come together to help. I’ve tried for two years to get on the market and I think year by year it’s become a lot harder.” But despite these challenges, she’s been saving hard for a deposit and is working towards being in a position to buy a property by this time next year.

Fiona currently rents in South Croydon and works as a lecturer in Greenwich. To get to work there’s lots of transport options and it’s an ok commute. However, when she looks to buy, Fiona thinks she’ll be priced out of her current area and will need to consider the outskirts of London and the impacts this could have on her travel to work: “I would ideally like to stay within the London area, as I can get a direct train to work, but I’m also going to look at commutable places on the outskirts, like Kent, as my options are continuing to get squeezed.”

Getting mortgage ready

At Cred & Breakfast Fiona spoke to one of our advisers who told her about how important it is to be registered on the electoral roll at your current address. It’s a simple step that can help lenders identify you during the mortgage application process and it’s something that can help improve your credit score.

Since the event Fiona has signed up for her free Noddle report and also registered herself on the electoral roll, which has given her a really positive outcome: “My credit score has improved, which is amazing really – it’s surprising that by just making sure I’m on the register, how much it’s helped.”

And whilst Fiona gets herself mortgage ready in the hope to be able to buy somewhere this time next year, she’s committed to regularly checking her Noddle credit report so she can make sure everything looks as it should do: “I identified a payment that I wasn’t aware of that I owed, so that was handy, (as) I could make sure I was up to date with my credit. I go in (to have a look) every one to two months just to make sure that there is some movement and so that I can find out ways I can further improve and enhance my credit score.”

“What I learnt from the Cred & Breakfast event is that it’s the simple things that can help (you improve) your credit score, like getting onto the electoral roll and making sure you’re up to date with any payments.”

What’s next?

“I’m going to keep working on my credit score whilst also speaking to mortgage brokers religiously, just to make sure my affordability doesn’t change over the next 6 to 12 months” says Fiona. “I also want to keep up to date with Government legislation so I’m aware of any changes, so I can keep well-informed of all factors.”

Throughout the next twelve months we’ll be checking in with Fiona along her journey to buying her first property so we can see how she’s getting on – you can find the updates on our blog.

If you’re like Fiona and looking to get onto the property ladder for the first time, sign up to Noddle for free, or log in to your account, so you can keep an eye on your credit report and score. By doing this you can get a good idea of what a lender will see when they consider any mortgage applications. And by committing to keeping a regular eye on your credit report, you can make sure that all information is up-to-date and correct and see any changes to your credit score over time.

We also have lots of great advice and information about buying a property on the Mortgage section of our blog and our Millennial Hub.