When you are applying for a mortgage, you will always have to know how your credit score is looking. The higher your credit score is, the more likely you are to get accepted for a mortgage. Your credit score can be affected by a lot of different things. For example, the fewer addresses you have on your record the better. However, we are seeing that applicants are approaching this in the wrong way.
We are commonly seeing that applicants who have moved out of their parents address into rented accommodation are leaving their bank statements, credit card and electoral roll information registered at their previous address.
People think that this will benefit them as there is only one registered address, although, they are wrong, this can negatively impact your credit score. Almost without fail, if you have moved to a new address, there will be some record of this on your credit report and it will pop up on your credit file if you haven’t changed it.
This could be something as simple as a delivery address when you have ordered something online or a car/home insurance search, etc.
Before your lender performs a credit check, you need to be certain that nothing is going to go against you. You will need to check that all of your accounts (credit cards / current accounts) and electoral roll are switched over to your new address. This mainly applies to applicants who are currently living in a rented property who haven’t changed their address from their previous property. If you are moving straight from your parent’s address to a new property. You can do this once you move out.
Either way, you need to double-check everything when applying for a mortgage. People seem to always forget to update their addresses on your credit file and electoral roll. It can make a massive difference too!
It’s important that you know the exact date of when you moved in your rented apartment/new home and the date you moved out. When you are registering your new address. If you do get these dates wrong, it will look like you were living in two places at the same time.
If the lender looks at your application and is impressed because everything is up-to-date. You are much more likely to get accepted. Whereas, if your address is wrong and outdated. Your chances of being accepted are lowered as it shows that you didn’t check. Some may think that you aren’t taking things seriously.
Changing your address is a really simple process that could give you that boost that you need. If you need any help or advice from a Specialist Mortgage Advisor in Sheffield. Give us a call today and receive a free mortgage consultation. We would love to try and help you!
As an experienced Mortgage Broker in Sheffield, we know that being a First Time Buyer with no mortgage experience can be hard. This is why we want to step in and offer you a helping hand. Get in touch with Sheffieldmoneyman, your expert Mortgage Broker in Sheffield today.