When you’re buying a house, you need to prepare your mortgage application alongside your property searching. This process can be stressful and a little daunting, especially if you are a First Time Buyer in London and you haven’t been through this part of the process before.
When preparing your application, you will be asked to provide proof of your address. This will allow your lender or Mortgage Broker in London to check that you live where you say that you live.
When checking over your mortgage application, your lender will be looking to make sure that all of your addresses line up. They will check your identification, bank statements, bank cards and even your billing and shipping addresses of various store cards.
You need to make sure that all of your addresses are in line with one another. Your lender will be able to see when addresses don’t match and will pick up on it.
This may be easy to monitor if you are a First Time Buyer as all of your details should be registered to your parent/carer’s or rented address, whereas, if you are Moving Home, you may have to double-check all of your linked addresses. Then, once you move into your new house, you will need to change all of these linked addresses to your new one.
If you move home and forget to change your address, your bank statements, letters and bills may be sent to an old address. This can negatively affect your credit score.
For example, if you get a parking ticket and the letter is sent to your old home, you will not know about the payment. This payment will keep going up and up if not paid and you may receive a default on your file for not meeting the payments. This is why it is important to change your address when you move home in London.
Your lender may decline your mortgage application if there are multiple addresses linked to your name. They want to see everything in line and have no mistakes, such as spelling issues.
If your application is declined, that can also have an adverse effect on your credit file. During your next application, when your lender performs a credit search on you and your file, they will be able to see that you have been previously declined.
This will not work in your favour, and it will only get worse if you keep applying and get declined.
This is the point where you should speak with a specialist. A Mortgage Broker in London like us will help you prepare your mortgage application and make sure that you have your information correctly filled out before you submit it.
Applying over and over will only lower your credit score, which can severely impact your ability to get a mortgage or obtain credit in the near future.
If you are looking for Mortgage Advice in London, then feel free to get in touch with our brilliant team. We are available 7 days a week so that you can get in touch at a time that suits you. Put your work and personal life first, then give us a call and we can book you a free mortgage appointment with an advisor. We hope to hear from you soon.