Weak credit score 'could prove problematic for home buyers'

First-time buyers without a strong credit score might not always be able to access higher loan-to-value mortgage credit very easily, an expert has pointed out.

Those who have not borrowed much in the past may have difficulties in improving their credit rating, John Charcol's senior technical manager Ray Boulger has suggested.

He stated: "By definition, first-time buyers obviously won't have had a mortgage before and they may not have had much in the way of borrowing and that is a problem."

Those making applications for higher percentage mortgages might find that they require better credit scores in order to access such finance, the expert went on to say.

Mr Boulger's remarks follow the publication of recent survey results by Zoopla.

The firm revealed earlier in the month that 77 per cent of respondents feel that the housing market is being threatened most by restrictions in the country's mortgage sector.

Posted by Martin Peacock.