Credit Score Mortgage Advice in Coventry

Usually, you will get asked what your credit is when you apply for a mortgage. A large range of factors can affect your credit score. One of them being the fewer addresses you have on your record, the better your credit score.

As mentioned, fewer addresses on your file can benefit your mortgage application but don’t go about this in the wrong way.

We do find applicants, especially first time buyer in Coventry, keep their previous addresses on their records. Regardless of this being accidental or a way to keep their credit score lowering, either way, it needs updating.

What information needs correcting?

Other things you will need to update could be anything from; bank statements, credit cards and electoral roll information. Many believe that ignoring this information on their won’t negatively impact their credit score, when in fact, it can cause a lot of damage.

For example, you could get an unpaid ticket sent through your old address. Therefore, unless you notify the post office. Therefore, unless you let the post office know so they can forward all your mail, the longer it gets unnoticed, it can result to a CCJ.

If you have a CCJ on your credit file, this could result in losing points on your credit file which in turn will ruin your credit history making it difficult for you to get your mortgage application accepted.

Check Before you Apply

Prior to submitting your application, you need to have a thorough check of your application. Begin with your address by checking that the address on all of your accounts (credit cards / current accounts) and electoral roll are all registered to your current address.

More importantly, this applies to applicants currently living in rented accommodation hasn’t changed their address from their previous property.

To check that you haven’t missed anything, it’s always a good idea to double-check everything when applying for a mortgage. Check that you have the correct address as well as updated information which will all help towards your mortgage application.

Furthermore, you need to know the exact date when you moved into your rented apartment / new home and when you moved out. If you do not know these dates, you can be at risk of having a cross over meaning it could show that you were living in two different addresses at once.

This will result in confusing the lender which could cause damage to your credit file or mortgage application.

It can be a huge benefit to have a mortgage broker in Coventry by your side. They will support you throughout the process and make sure your application is in the best position for mortgage success. Our team will make sure everything is updated correctly and will be there to answer any of your questions.

Impress the Lender

You need to show the lender that you are in a serious position to take on this big financial commitment. This can be achieved by evidencing your deposit and showing you have saved it up and been precise in updating all your information including your address, these r both brilliant ways to impress them.

In the circumstance where you have an outdated address linked to one of your accounts, your lender will see if any of your addresses needed updating. This could show a lender that you haven’t taken things seriously.

Mortgage Advice in Coventry

To conclude, we do strongly recommend that you check up on your file to make sure that your application is in a position to be accepted as well as show your lender you are in a serious position to proceed. If you are wanting an expert to look at your application so it’s ready to go, book in a free mortgage appointment in Coventry, and contact our team.

Here at Coventrymoneyman, we have a team of mortgage advisors in Coventry who are available 7 days a week. Whether you are going through the mortgage process for the first time or looking at moving home in Coventry.

Date Last Edited: December 6, 2023