Don’t Pretend to Live Somewhere Else

After you’ve moved home, there’s always the situation of having to update your address on any account to match your new address, so that any posts, packages, and any other bits and pieces go to the right place. From your doctor’s surgery to any accounts that need an address, there’ll be plenty to work through.

We understand that missing an address can easily happen. When applying for credit, having less varied addresses on your accounts will look better on your credit score.

Because of the impact, it has on your credit score, this means it will also be beneficial for you when it comes to applying for a mortgage.

We tend to find first time buyers in Leeds, and home movers in Leeds would have a much better understanding of how credit scores work and the importance of updating their address sooner rather than later.

Whereas with other applicants have moved out of their family home and are now renting their own place. They don’t see the harm in leaving their bank statements, electoral roll information, and credit cards at their previous address. But having everything under the same address will give you an advantage during your mortgage process.

Records of Your Address 

Every time you’ve moved house, there will be a record of it somewhere on your credit report. Any bills related to your name, like car insurance, any orders from places like eBay, Amazon, or even online food shops, will show up with a record of the selected address you choose.

If it looks like you are living in two places at once or have failed to disclose information to the mortgage lender, it may go against you during your mortgage process. After all, your mortgage lender needs to know you are reliable for a mortgage. 

Keeping Your Address Up-to-Date 

When looking to buy a new home, and applying for a mortgage, the best thing you can do is make sure all addresses under any account are up to date and accurate.

This includes checking all those shopping accounts, electoral roll, credit cards, and anything you can think of that has your address, are all up to date, and have the current address for you and your current home.

When it comes to updating your address to your new location on the electoral roll, make sure that you definitely get the right dates for when you moved in and out, as getting this wrong can also give off the impression that you are living in two places at once which may mess up your chance to vote.

Keeping all addresses up to date is a much more open and honest way of applying for a mortgage with a lender. Not only will it work in your favour, but it will make your process go a little bit easier.

What else can be done to help me obtain a mortgage in Leeds? 

As well as keeping your address up to date, there are other tips that could also be beneficial to first time buyers in Leeds, these tip can include.

Managing your bank accounts, avoid any unnecessary charges and limit any gambling transactions, (if that is something you do regularly). These can have a harmful effect on your mortgage process if you do the following too often.

Remember that your bank account will be a reflection of your ability to maintain payments, generate income and handle your finances appropriately. This is a large factor in determining whether or not you are able to get a mortgage.

Gifted Deposit 

A gifted deposit is a great way to help first time buyers in Leeds get onto the property ladder. A gifted deposit is where a close family member or friend, gifts a portion or the full amount of a deposit to a homebuyer. As the name suggests, a gifted deposit is purely to be a gift and not a loan to be repaid.

Check My File Credit Report

Try it FREE for 30 days, then £14.99 a month – cancel online anytime.

We highly recommend that customers, whether new or existing, look to obtain an up to date credit report. Check My File can help pull together information from various sources, to get a more complete view of your financial state.

Date Last Edited: December 6, 2023