If you are looking at applying for a mortgage in Durham, it is key that you pay close attention to your credit score. The general rule is the higher that your credit score in Durham is, the higher chance you have of being accepted for a mortgage by a mortgage lender.
There are many aspects of keeping a good credit score including maintaining monthly payments, limiting gambling transactions and many more. A main factor that is usually left is making sure that all of your addresses are up to date.
Having too many addresses on your record can be seen as a negative factor to many. This is true to an extent, however, many people have approached this in a way that could cause their credit score more harm than good.
On a regular basis, we see mortgage applicants especially younger First Time Buyers in Durham who have moved out of their parents’ home to move into their own rented accommodation and haven’t changed their address. This has resulted in many of their post being delivered to their family address instead.
This includes things like bank statements, credit cards and electoral roll information and more. Usually this is accidental but we do find that it’s intentional. This isn’t a good idea as they will always be a record of your address somewhere.
Think about it, if you are setting up new contracts or getting post delivered from Amazon or eBay, it will be shown your new address on your credit file. As a result, when a mortgage lender carries out credit checks on you, they will see that this address exists and will show them that you’re living in two places at once.
Make sure that before you look at applying for a mortgage where you will be credit search, you have thoroughly checked that nothing has been left which could create a negative impact on your credit and harm your chance of getting a mortgage.
This will involve you logging into all of your accounts like credit cards, current accounts, shipping details, water and electric bills and importantly, the electoral roll (this has a significant impact!) to check that they are all updated with your new residential address.
Obviously, this only applies to those who have moved out and are living in their own place first. This is because people who are still living with their parents and haven’t moved yet can’t change to a new address they don’t have yet. In the case that you’re a first time buyer in Durham, don’t worry!
Whatever circumstance you are in, you need thoroughly check all these things before applying for your mortgage. We do find that many people forget about the electoral roll information which is something that you need to do as it can make a big difference.
Furthermore, check if the dates are correct too, that you know the specific dates you moved into your rented property and the day you left it.
You need to get the dates right too, knowing the exact date you moved into your rented property and the day that you left it. In the case that you make a mistake with this and there are time that overlap, a mortgage lender may feel like you are living in two places at once.
Through making sure that every bit of information you have on your accounts is up to date, you are demonstrating to a mortgage lender that you are serious about your mortgage journey and understand what you are doing. As well as this, you are making sure that you only have one consistent address at any given time.
By doing this, you are having a more open and honest approach when getting your mortgage application going. The goal for you is to try and impress your mortgage lender as best you can, put yourself in a good position so it’s key you keep these points in mind.
If you are still needing assistance with your mortgage advice process, book online for a free mortgage appointment and our team will connect you with a trusted Mortgage Advisor in Durham today!
Through our experience as a Mortgage Broker in Durham, we find that a First Time Buyer in Durham gets in touch with our team because they have no mortgage experience and are finding the process daunting so are looking for a helping hand.
When you book your free mortgage appointment in Durham you will be able to speak to an expert Mortgage Advisor in Durham and they will be your guide throughout your mortgage journey.
Last Edited: 04/01/2023