The Importance of Updating Your Address in Doncaster

Mortgage Advice in Doncaster

Don’t Pretend to Live Somewhere Else

When applying for credit, you’ll find that the fewer different addresses tied to your name and accounts, the better it will be for your credit score. Because of this, it will also be better for when you apply for a mortgage.

Many modern First Time Buyers and Home Movers in Doncaster feel like they are gaining a deeper understanding of how credit scores work and tend to utilise their previous and current addresses to their advantage.

We tend to find the most commonly noticed in applicants who may have moved out of their parents home into new rented accommodation. Still, they think it is no big deal to leave their credit cards, electoral roll information and bank statements, at their previous address.

Records of Your Address

In all honesty, it’s a flawed strategy. If you have moved elsewhere, there will be some record of it somewhere on your credit report. 

Whether this is related to car insurance, previous orders from online retailers, anything you have ordered in the past that has ties to an address, make sure to update each account. 

Keeping Your Address Up-to-Date

The best thing to do for someone looking at their options for buying a property in Doncaster and looking to take out a mortgage is to ensure all of your electoral roll, cards, and other accounts have gotten changed over to your current home address.

Ensure that any accounts requiring an address are up-to-date and consistent with your current home address.

While you update your current home address on your electoral roll and credit score, make sure to double-check the date you moved in and out. Failing to do so appears to the lender that you live in two different places simultaneously.

Amending your addresses and dates is a more open and honest way of applying for a mortgage with a lender and will work in your favour.

What else can be done to help me obtain a mortgage?

Other helpful tips that First Time Buyers in Doncaster might require are to know alongside updating your address on documentation.

These can vary from maintaining your bank accounts, avoiding any unnecessary charges and limiting any gambling transactions if you are a regular. Remember, your bank accounts will reflect the mortgage lender if you manage and handle money well.

Gifted Deposit

A gifted deposit is when the homebuyer receives money – usually from a family or friends – to use as a deposit on a property. 

The keyword here is ‘gifted’; this money isn’t a loan, and gifted deposits don’t need to be repaid. Having a larger deposit may give you access to better rates and mortgage deals.

Check my File

Credit Report Doncaster

We always recommend to new/existing customers that when obtaining an up-to-date credit report, check my file so you can clearly see where you stand financially. Please visit our article on Obtaining an Up-to-Date Credit Report for more information.

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Authorised and Regulated by the Financial Conduct Authority.
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The information contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.
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www.financial-ombudsman.org.uk

© 2022 Doncastermoneyman

Doncastermoneyman, 3 Cavendish Court, South Parade, Doncaster, DN1 2DJ.

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