When applying for a mortgage, it’s essential to know how your credit score is looking. The higher your credit score, the higher chance your offer gets accepted. Your credit score can get affected by a lot of different things. For example, the fewer addresses you have on your record the better; however, we are finding that applicants are approaching this the wrong way.
You see applicants who have moved out of their parent’s address into rented accommodation are leaving their bank statements, credit card, and election roll information registered at their previous address.
Before a lender can perform a credit check, you need to be confident that nothing is going to hold you back. Firstly check all of your accounts (credit card / current accounts) and electoral roll arr switched over to your new address. In any case, this mainly applies to applicants who are currently living in a rented property who hadn’t changed their address from their previous property. Suppose you are moving straight from your parent’s address to a new property. You can do this once you moved out.
Additionally, you need to make sure everything when applying for a mortgage. People seem always to forget to update their addresses on their credit file and electoral roll; updating these can make a massive difference.
You need to 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 everything is up-to-date, you are much hugely to get accepted. Whereas if your address is wrong and outdated. Your chances of being accepted are slim as it shows that you didn’t check.
Changing your address is a straight forward process, that can help give a boost that you need if you need any help or advice from a Specialist Mortgage Advice in Leeds. Give us a call today and receive a free mortgage consultation. We want to try and help you!
As an experienced Mortgage Broker in Leeds, we know that being a First Time Buyer with no mortgage experience can be difficult. Another reason why we want to help. Get in touch with Leedsmoneyman, your expert Mortgage Broker in Leeds today.