The Importance of Changing Your Address | Beverleymoneyman

The Importance of Changing Your Address in Beverley

Credit Score Mortgage Advice in Beverley

It’s very likely that you will be asked what your credit score is like when it comes to applying for a mortgage. There are a plethora of factors that can affect your credit score. For instance, the fewer addresses you have on your record, the better your credit score.

As mentioned, fewer addresses on your file can support your mortgage application when done correctly.

We do find that many applicants, particularly First Time Buyers in Beverley, leave their previous addresses on their records. They may have done this accidentally or as a way to keep their credit score from lowering but they do need updating.

What information needs correcting?

There is a range of documents you will need to update whether it be bank statements, credit cards and electoral roll information. We do find that many applicants disregard this information as they believe it won’t harm their credit score, however, it can create a significant amount of damage.

You may be in a situation where you get an unpaid ticket that is sent through to your old address. If you don’t let the post office know to make sure all mail gets forwarded, the longer it goes unnoticed which can result in receiving a CCJ.

Receiving a CCJ on your credit file could result in losing lots of points on your credit file. This will damage your credit history and make things more difficult for you when it comes to being successful in your mortgage application.

Check before you apply

We do recommend that you give your application a thorough check from start to finish. Begin with your address by making sure that the address on all of your accounts (credit cards / current accounts) and electoral roll are all registered to your current address.

This is usually targeted at applicants who are currently living in rented accommodation and haven’t changed their address from their previous property.

It’s best you double-check everything when applying for a mortgage just in case you miss anything. Keep on top of your address, making sure everything is updated can make a positive impact on your mortgage application.

Find out the exact date you moved into your rented apartment / new home and when you moved out. This will prevent any cross-over that may show you were living in two different addresses at once.

If you don’t do this could lead to confusing the lender and could potentially cause damage to your credit file or mortgage application.

It will be very beneficial to have a Mortgage Broker in Beverley to provide a helping hand as they will make sure your application is perfect before it’s submitted. They will also check that all information is updated correctly to have the best possible chance of being accepted.

Impress the lender

Demonstrate to the lender that you tried your best to get your application accepted. You may have evidenced your deposit to show how you have saved up or you have consciously updated your address. Either way, it will massively help your application and impress them.

In the situation when you have an outdated address that is connected to one of your accounts, your lender will see that you didn’t check to see if any of your addresses needed updating. This could show to a lender that you haven’t taken things seriously.

Mortgage Advice in Beverley

To conclude, it’s important to change your address and any other factors stated above in order to prove to the lender that you are serious about this financial commitment. Therefore, we do strongly suggest that you check up on your file to make sure your application is up to date. If you are wanting a second set of eyes on your application, take advantage of our free mortgage appointment in Beverley.

Here at Beverleymoneyman, we have a team of expert Moving Home Mortgage Advisors in Beverley who are available 7 days a week. We look forward to helping you secure a great mortgage deal and get your application looking ready to go!


Last Edited 16/08/2022

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