The Importance of Updating Your Address Before a Mortgage
First Time Buyer Mortgage Advice in Leeds
When it comes to applying for a mortgage, it’s important to make sure you are aware of the current state of your credit score. The higher that it is, the higher the likelihood of having an offer accepted. Your credit score will be affected by a variety of aspects.
As an example of this, the fewer addresses that you have present on your record, the better it will be. Even though that is the case, we are finding that applicants are going about this in the wrong way.
We tend to find that a lot of applicants who are moving out of their parents home, into rental accommodation, are leaving things like banks statements, electoral roll information and credit cards all registered at their previous address.
Check Your Address Before You Apply
Before a mortgage lender is able to perform a credit check on you, you need to have the utmost confidence that you are going to pass without issue, that nothing will hold you back.
You should check all of your accounts, such as credit cards and current accounts in your name, as well as the electoral roll, to make sure they are linked to your new address.
As touched upon, lots of first time buyers in Leeds will be currently renting and won’t have updated all of their addresses to where they are currently living. This should ideally be done as soon as you can after you have moved out.
The reason why this is such an important factor to mortgage lenders, is that your address confirms your identity. It also shows that your circumstances don’t change too often and you have a stable life. Too many different addresses can flag up as a concern to the lender.
Updating your address across all mediums, allows for consistency and will make the lender more confident in accepting you for a mortgage. It also has an impact on your credit score, as your score will look better if everything is aligned.
You’ll need to make sure you know exactly when you moved in your rented apartment and when you moved out. If you get these dates wrong, it can often look like you’re living in two places at once.
Impress the lender
So long as everything in your name is up-to-date and accurate, you’ll have a huge advantage towards being accepted for a mortgage. On the other hand, if your address is outdated and incorrect, you are less likely to be accepted for a mortgage
Changing your address is something that is pretty easy and benefits you greatly in the long run. If you require any Specialist Mortgage Advice in Leeds from a team of mortgage experts, book your free mortgage appointment using our online booking feature, and we’ll see how we can help.
