When it comes to applying for a mortgage, you need to be wary of your credit score. The higher your credit score, the more likely that it is that you will get accepted for a mortgage. There are lots of different things that can affect your credit score, for example, the fewer addresses you have on your record the better. People are starting to take this in the wrong direction.
We are seeing that applicants who have moved out of their parents address into rented accommodation are leaving their bank statements, credit card and electoral roll information registered at their previous address.
People are starting to think that it is a good idea and it could help their credit score, however, it does not. In fact, it can damage your credit score. Almost without fail, if you have moved to a new address, there will be some record of this on your credit report.
This could be from a delivery address when you have ordered something online or a car/home insurance search and many more.
Before you perform a credit search and apply for a mortgage, you have to check that nothing will go against you. You will need to get all of your accounts (credit cards / current accounts) and electoral roll switched over to your new address. This only really applies to you if you have already moved out of your parents home as when you are moving out to get a mortgage in a new home, you can change your details once you have moved in.
Either way, everything needs to be double-checked when applying for a mortgage. People seem to always forget to update their address on your credit file and electoral roll. It can make a huge difference too!
It’s important that you get the dates right too, you need to know the exact date you moved into your rented apartment/new home and the day that you left it. If you do happen to make a mistake with these dates it can appear that you are living in two places at the same time.
By making sure that every bit of information on your file is up-to-date, you are showing the lender that you know what you are doing and you are taking this seriously. It’s a more open and honest way of trying to apply for a mortgage. You want to impress them in every way possible and this is the perfect start!
If you still need a bit more help or just want some insight from a professional Mortgage Advisor in Hull, feel free to call us for a free mortgage consultation. We would love to help!
We know that being a First Time Buyer in Hull with no mortgage experience can be hard, this is why we are offering you a helping hand, get in touch with Hullmoneyman, your friendly Mortgage Broker in Hull today.