Mortgage Advice in Birmingham

During your mortgage application, you will have to be certain that all of your information is up-to-date and correct. One of the most important things that need to be right is your address and that it matches where you are currently living and not a previous address. You will need to check this across all of your account’s.

Why do I need to update my address?

When applying for a mortgage, a lender will look at a variety of different things. They will look at your credit score, credit file and will require supporting evidence to back up your application. This will include documents such as payslips, bank statements, proof of ID and proof of address.

You may encounter some mortgage hurdles along the way; it could be something listed above, or it could be something completely different. One of the most common mortgage hurdles that we see is a low credit score. Your credit score can be impacted by a lot of things, in this case, if your addresses are keyed in wrong, your credit score could potentially be harmed.

For example, if you haven’t changed your address and you receive a fine that gets sent to your old address, you wouldn’t know about it and it could just build up. This could impact your credit score as the debt is in your name and not getting paid off. 

Fewer address the better?

As a Mortgage Broker in Birmingham, we have seen many home movers that had deliberately chosen not to change their address because they thought that it would impact their credit score negatively. Yes, if you have too many addresses on your account, your lender may ask you why, however, it’s unlikely that you’ll be declined just for having lots of addresses on your credit record.

First Time Buyers in Birmingham moving out often leave their address on their account linked to their parents/previous home. In this case, it’s not too detrimental as your parents can inform you of anything that is sent/billed there. In another situation where you are moving out of your first home into your second, and your details are linked to your previous address, things can start to get complicated.

Ideally, when you are Moving Home in Birmingham, you want to change all of your addresses to your new home. This will prevent anything from potentially affecting your credit score.

Check Before you Apply

There is no harm in double-checking that your addresses are all up-to-date before applying for any sort of credit. Are all of your credit card accounts linked to your current address? Is your car and insurance address correct? 
 
Another thing to check for before you apply is that the date that you moved in and out of your home is correct. 

Living in two Places at Once

If you don’t get the dates right for when you moved in and out of your home, it can appear as if you were living at two places at once. Not only will this reflect badly on your credit file/score, but lenders will also question why your addresses are wrong. 
 
This is why you should always double-check your addresses. You need to make sure that everything has been entered correctly so that it doesn’t look like you live in two different places at once. 
 
If you need any help in changing out your addresses or checking whether they are correct or not, one of our Mortgage Advisors in Birmingham would love to help. During the mortgage application process, they will run through this with you to make sure that you’ve keyed in all of your information correctly. 

Keeping Information up-to-date

Keeping on top of your information and ensuring that it is up to date will help with your mortgage application. This benefits the Lender as they don’t have to spend a lengthy amount of time assessing documents and questioning incorrect information that flags up. It also benefits you, as it speeds up your mortgage process.

Speak to a Mortgage Advisor in Birmingham

If you are a First Time Buyer in Birmingham looking for expert Mortgage Advice in Birmingham and help submitting your mortgage application with all of the correct information, make sure to get in touch with our great team. As a Mortgage Broker in Birmingham, in the past, we’ve helped thousands of applicants secure a mortgage. 
 
We work 7 days a week, so if you need help with your mortgage application and checking your information, get in touch today for a free consultation. We can’t wait to try and help you! 

Date Last Edited: December 6, 2023