When you apply for a mortgage, you may get asked what your credit score is. A lot of different things can affect your credit score. For example, the fewer addresses you have on your record, the better your credit score.
Again, fewer addresses on your file can help your mortgage application but don’t go about this in the wrong way.
Applicants, particularly first time buyers in Coventry, keep their previous address on their records. Whether it was accidental or done to try and keep their credit score from lowering, either way, it needs updating.
Things to remember to update could be anything from; bank statements, credit cards and electoral roll information. Some may think that ignoring this information on their file won’t harm their credit score, when in fact, it can cause quite a vast amount of damage.
You could get an unpaid ticket sent through to your old. So unless you notify the post office to make sure all mail gets forwarded, the longer it goes unnoticed, it can lead to a CCJ.
To receive a CCJ on your credit file, you could lose many points on your credit file, which will ruin your credit history and make things more challenging for you to get your mortgage application accepted.
Before you submit your application, always thoroughly check your application from start to finish. Start with your address; ensure that the address on all of your accounts (credit cards / current accounts) and electoral roll are all registered to your current address.
It primarily applies to applicants currently living in rented accommodation and hasn’t changed their address from their previous property.
Just in case you missed anything, it’s always a great idea to double-check everything when applying for a mortgage. Make sure to keep on top of your address. Having everything up-to-date can make a difference to your mortgage application.
You need to know the exact date when you moved into your rented apartment / new home and when you moved out. Not knowing the day may lead to a cross over and show that you were living in two different addresses at once.
This will lead to not only confusing the lender and may cause damage to your credit file or mortgage application.
Having a mortgage broker in Coventry by your side will be beneficial. That is a great perk of using a mortgage broker in Coventry. They won’t submit your application until it’s the best that it can be! They will make sure that everything is updated correctly to have the best possible chance of being accepted.
Let the lender know that you have tried your best to get your application accepted. Whether you have evidenced your deposit and shown how you have saved it up or demonstrated that you’d made an effort to keep your address up-to-date, both ways will heavily benefit your application and impress them.
If you have an outdated address linked to one of your accounts, your lender will know that you didn’t check to see if any of your addresses needed updating. Some lenders may think that you haven’t taken things seriously.
Now that you know the importance of changing your address and what lenders look for on your mortgage application, we hope you check up on your file to ensure that your application looks up to shape. Furthermore, for a second look at your application through a free mortgage consultation in Coventry, get in touch with us.
We have moving home mortgage advisors in Coventry ready to talk to you about your application a7 days a week. We would love to help you secure a great mortgage deal and to get your application looking perfect.