When you are applying for a mortgage, the most important thing to be aware of is your credit score. Having a high credit score will increase your likelihood of being accepted for a mortgage, however, if you have a low credit score, your chances may be lowered too. Your credit score will be affected by a lot of different things, for example, the fewer addresses that you have on your record, the better your credit score could be. Yes, fewer addresses on your file can benefit your application, but don’t make sure that you go about this in the wrong way.
Applicants, particularly First Time Buyers in Sheffield, have a habit of moving out yet keeping their previous address on their records. Either way, if it was an accident or on purpose to try and keep their credit score up, it will need updating. This situation often occurs when the buyer is moving out of their parents address into rented accommodation.
The most common things that are left linked to an applicant’s previous address are bank statements, credit card and electoral roll information. It could be anything that could trip you up, for example, you will need to update the address that your car is registered to and your driving license too.
People think that leaving this information on their file won’t harm their credit score, when in fact, it can cause quite a bit of damage. You could get a parking ticket sent through the mail to your old address, although, you don’t live there anymore. So unless the previous address has a forwarding address for you, this correspondence could go unnoticed and could lead to a CCJ.
Before you submit your application, you need to make sure that nothing is going to go against you. This will mean checking your whole application through so that you are certain. Start with your address; make sure that the address on all of your accounts (credit cards / current accounts) and electoral roll are registered to your current address and not a previous one.
This mostly applies to applicants that are currently living in rented accommodation and haven’t changed their address from their previous property. If you haven’t moved out of your parent’s house yet but are planning to, you can sort out this once you move out.
It’s always a great idea to double-check everything when applying for a mortgage, just in case you missed anything. Keeping your address up-to-date can make a massive difference to your mortgage application, so make sure to keep on top of it.
It’s very important that you know the exact date of when you moved into your rented apartment / new home and when you moved out. If you don’t get the date right, it can appear that you were living in two different addresses at once which will confuse the lender. This can also cause possible damage to your credit file or mortgage application.
If a Mortgage Broker in Sheffield were by your side, they will make sure that everything has been updated correctly so that you have the best possible chance of being accepted. That is a great perk of using a Mortgage Broker in Sheffield, they won’t submit your application until it’s the best that it can be!
Always try and impress your lender, let them know that you have tried your best to get your application accepted. Whether you have clearly evidenced your deposit and shown how you have saved it up or shown that you’ve made an effort to keep your address up-to-date, both ways will heavily benefit your application and impress them.
If you have an outdated address linked to one of your accounts, your lender will know that you didn’t check to see if any of your addresses needed updating. Some lenders may think that you haven’t taken things seriously.
Now that you know the importance of changing your address and what lenders look for on your mortgage application, we hope that you check up on your file to ensure that your application is looking up to shape. Furthermore, for a second look at your application through a free mortgage consultation in Sheffield, get in touch with us.
We have Moving Home Mortgage Advisors in Sheffield ready for a talk to you about your application, anytime from early on until late, 7 days a week. We would love to help you secure a great mortgage deal and to get your application looking perfect.