Your Home Credit Policy

If you are purchasing a Your Home property with Heylo, all applicants will be subject to a full credit search. We will only run the credit search once you have applied on our website, and this confirms you have given consent for us to do the credit search.

 

Heylo use TransUnion to run the credit checks, and this will produce a credit score. Applications may be declined due to a low credit score. We reserve the right to decline applications based on the following credit requirements.

  • No debts more than 3 months in arrears and anytime in the last 36 months.
  • No debt more than 1 month in arrears in the last 12 months.
  • No unsatisfied CCJ or defaults in the last 6 years.
  • No IVA/DRO/Bankruptcy or mortgage repossession settled in the last 3 years.
  • No more than 3 satisfied CCJ totaling less than ¬£1000.
  • No more than 3 satisfied defaults totaling less than ¬£1000.
  • No CCJ or defaults in the last 12 months (whether satisfied or not).
  • Criminal convictions (other than minor driving offences) where the conviction has not been spent.
  • Disqualified directors
  • Has taken out a payday loan in the last 12 months. (THL direct, Sunny, Lending stream, Safety Net, Peachy etc)
If your application is decline
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. 
Employed

Applicants must be employed for a minimum of 3 months, with probationary period being completed.

Applicants need to be a UK taxpayer. 

Self employed

All self-employed purchasers must have a 2 years of trading accounts and these will be provided to Heylo at the application stage. If an applicant owns more than a 25% share in a company, they will be assessed as self-employed. 

Your home is at risk if you do not keep up repayments on the rent.