When it is time to prepare your mortgage application, you must consider your credit file and how it will look to a lender. Remember that a lender is looking for reliability; someone who will be able to meet their repayments.
It’s not just reliability that lenders are looking for though, they will also be looking at your credit file, and even more specifically, what is linked to it. This includes credit accounts, store cards and even your Amazon account! What all of these have in common is they hold your personal details, such as your address. And, believe it or not, lenders pay very close attention to this address…
Lenders want all of your addresses to match across all of your credit accounts, store cards, billing information, etc. They will look at this once you have submitted your mortgage application.
A wrong address linked with a credit card will be more serious than your billing information on your amazon account, as it could be a sign of identity theft.
They also want to know that you are reliable and you are who you say that you are. If you have your name registered to different addresses, then how do they know you live where you say that you live? It will appear to them that you are living in two places at once.
As a first time buyer in Cardiff, if you are still living with your parents/carers, lenders will expect all of your addresses to link back to their home address.
If you are a tenant, you are expected to have updated your address to your current rented property. You should have done this upon moving into the new property.
As a mortgage broker in Cardiff, we often find that the majority of people that slip up on this are home movers.
We find that it is those moving home that are most affected by an old address on their application. This is because the applicant is likely to have their addresses registered to the property before their current one. This could be their parents’/carers’ address, and they have forgotten to update their details since moving into their first home.
For example, if a bank card is still registered to your parent’s address, your parent’s address will not match the current address on your bank statements. Lenders will pick up on this.
Yes, having fewer addresses on record is better overall, however, do not make this a reason to not change your details to your current address before moving.
If you are moving home in Cardiff, remember to double-check that you updated your details before submitting your mortgage application.
As a Mortgage Broker in Cardiff, our job is to guide you through the mortgage process, even helping you prepare your application. We will check over your credit file and make sure that everything is aligned.
We will alert you of any bits that need changing out that will boost your chances of being accepted by your lender. Remember that it’s not just your credit file that lenders will look at. For example, lenders will analyse your bank statements, payslips and your most recent P60. They will also need photographic identification to support that you are who you say that you are.
You can book a free mortgage appointment online via our ‘get started’ form. There are plenty of appointments available, 7 days a week. We have appointments early in the morning and late in the evening.
Get in touch as our team can’t wait to help you!