Do you need good credit for rent to buy?

In most cases, yes. Even though you are renting initially, providers will often carry out affordability and credit checks because the scheme is intended for people who are likely to become mortgage-ready within a few years. Historic issues may not automatically rule you out, but recent defaults, CCJs or missed payments can make things harder. The rental period can be a useful time to strengthen your credit profile before applying for a mortgage. At Spolton Mortgages, we can help assess whether your current credit position is likely to be acceptable when you come to buy. Your home may be repossessed if you do not keep up repayments on your mortgage. You may have to pay an early repayment charge to your existing lender if you remortgage.