When it’s time to apply for a mortgage, you need to make sure that you have the best chance of being accepted. This means that you need to be wary of credit file and make sure that it’s going to impress your lender. Remember, the higher your credit score is, the greater chance you have of being accepted for a mortgage. Improving your credit score can sometimes be easy, it’s just knowing how to go about it.
Did you know that keeping your address up to date actually increases your credit score? It’s true that having fewer addresses on your file improves your credit score but people take this the wrong way. We see that some people leave their living address as their parent’s address after they move into rented accommodation. This actually has a negative impact on your score as you are basically saying that you live somewhere that you don’t.
You need to make sure that everything has been switched over to your new address. This includes all current/old accounts (credit cards) and electoral roll information registered to your previous address. There is always some way of finding out that you don’t live where you say you do, this could be something like a delivery address from online shopping or from car/home insurance search, etc.
The number one rule before anything though is to double-check your address is up to date. People seem to always seem to forget to change their address and lenders pick up on it very quickly.
When changing your address, it’s important that you get the dates right too. You need to know the exact date you moved into your rented apartment/new home and the day that you left it. If you do happen to make a mistake with these dates it can appear that you are living in two places at the same time.
As an experienced Mortgage Broker in Liverpool, we will provide our full help and support through the whole mortgage application process. Part of being a Mortgage Broker in Liverpool also allows us to perform a credit search for you without it affecting your file. We want you to try and have the best chances of being accepted for a mortgage so we sort everything for you with your best interests at heart at all times.
You always want to impress your lender and show that you are doing your best to improve your chances of being accepted. Whether this is making sure that you are on the electoral roll or changing your address, etc. Having every bit of information on your file updated is essential to the home buying process. Even if you are a First Time Buyer in Liverpool, by now you should be aware of this.
If you are still confused and just need a little more help or insight from a Mortgage Advisor in Liverpool, feel free to get in touch! We do offer a free mortgage consultation to every customer, no matter how complex their mortgage situation is.
We work for you! We know that Moving Home can be stressful, especially in a competitive area like Liverpool. We want the best for you and for you to move into your perfect home with a smile on your face. We hope that you contact your local Mortgage Broker in Liverpool today.