When you look at applying for your mortgage in Nottingham, it is important that you are wary of your credit score. The higher that your credit score is, the higher the likelihood of being accepted for a mortgage by a mortgage lender.
There is a lot for you to keep your eye on, from maintaining monthly payments, to limiting gambling transactions, to name just a few. One factor that is often overlooked but is an important factor, is ensuring that all of your addresses are up to date.
For many, it is seen as a negative to have too many addresses on your record. This is true to a degree, however, many have gone about their savvy practices on this in a way that actually could cause their credit score more harm than good.
We frequently see mortgage applicants, especially younger first time buyers in Nottingham, who have moved out of their parents home and into their own rented accommodation. When doing so, many of them look to leave much of their post being delivered to their family address instead.
This includes things like bank statements, credit cards and electoral roll information, to name but a few. Sometimes this is accidental, other times intentional, but it isn’t as good as you may think. This is because, without fail, there will always be a record of your address somewhere.
You have to think, if you’re setting up new contracts or getting post delivered from Amazon or eBay, it will show up in your credit file as a new address. When a mortgage lender performs their credit checks on you, they will see that this address exists, and it can look like you’re living in two places at once!
Before you look at applying for a mortgage where you will be credit searched, you have to be absolutely certain that, to the best of your knowledge, nothing will be left unchecked that could impact your credit score and harm your chance of getting a mortgage.
This means logging into all of your accounts, such as credit cards, current accounts, shipping details, water and electric bills, and importantly, the electoral roll (this has a big impact!) and seeing that they are all up to date with your new residential address.
Of course, this will only apply to those who have moved out and are living in their own place first, as if you are still living with your parents, you can’t change your details to a new address you don’t yet have. So if you’re a first time buyer in Nottingham, in this situation, don’t worry!
In any case, you need to absolutely double, triple, quadruple check all of these things ahead of applying for your mortgage. The electoral roll information is often the one we find that people forget to update the most before they go into their mortgage journey. It makes a difference!
Make sure that the dates of these are correct too, that you know the exact dates you moved into your rented property and the day that you left it.
It’s important that you get the dates right too, knowing the exact date you moved into your rented property and the day that you left it. If you do make a mistake with this and there are periods that overlap, a mortgage lender may feel like you are living in two places at once.
By ensuring that you have updated every single bit of information you have on your accounts, you are showing a mortgage lender that you are serious about your mortgage process and know what you are doing. You are also making sure that you only have one consistent address at any given time.
Doing this is a much more open and honest way to conduct yourself ahead of your mortgage application process. You always want to try and impress your mortgage lender as best you can, present yourself in the best light, and doing this is a good way of going about that.
If you still require a little more assistance regarding your mortgage advice process, feel free to book online for a free mortgage appointment and speak with a dedicated mortgage advisor in Nottingham today.
We completely understand that being a first time buyer in Nottingham with no mortgage experience of your own can be quite difficult, and that is why we are here to lend a helping hand.
By booking in for a free mortgage appointment in Nottingham, you will benefit from having a trusted a dedicated mortgage advisor in Nottingham by your side, every step of your mortgage journey.
Last edited 07/11/2022