When it comes to applying for a mortgage, you need to be careful with your credit score. The higher that credit score is, the more likely that it is that you will get accepted for a mortgage in Hull. There are lots of different things that can affect your credit score, one of these being addresses. The fewer addresses you have on your record the better, though people have been taking this in the wrong direction.
Sometimes we see 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 where they were living previously.
Some believe that it is a good idea and it could help their credit score, however, it does no such thing. The facts are, it can damage your credit score and that even if you don’t think it will show up, if you have moved to a new address, there will be some record somewhere of this on your credit report.
Be it from a delivery address when you have ordered something online or a car/home insurance search, anything involving a payment that you have made, will link that address to your credit report.
Before you perform a credit search and apply for a mortgage, you must double and triple check that nothing will go against you. You will need to get all of your accounts, both credit cards and any current accounts, as well as the electoral roll switched over to your new residential address.
This only really applies to you if you have already moved out of your parents or previous home, as you generally only change your address after you’ve moved in, not before. For those who have already moved in and are paying off a mortgage, it’s also important to update your address, otherwise you could harm your chances of a Remortgage down the line!
People always seem to forget that updating their address on your credit file and electoral roll can make a huge difference too. It’s important that you get the dates right, so you need to know exactly when 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 sometimes look like you’re living in two places at once.
By making sure that every bit of information on your file is up-to-date, you are showing the lender that you are fully prepared and you are taking your financial life seriously. It’s a more open and honest way of conducting yourself, as you want to impress them ahead of applying for a mortgage!
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. If you still need some Mortgage Advice in Hull or just want some insight from a professional Mortgage Advisor, feel free to call us for a free mortgage consultation, or Get in Touch and we’ll see how we can help.