Good mortgage candidate but address 'issue'. Please advise!

1sttimefrustration

Currently hunting for my first mortgage as a first time buyer. Have very solid salary and 30% deposit, good credit rating, can move shortly etc.

My financial footprint is at my parents' home address as I've had a number of different rental properties over the years.

This has been the basis of rejecting my mortgage application. This is bizarre! The reason I've kept my credit and bank details at parents house is because I've had to move around every 6 months. The fact that this should be the sole basis of rejecting my application is in my mind (and yes I'm biased!) ridiculous.

Any advice or other similar experiences?

I'm concerned all the best deals for a 2 year + fixed mortgage I'm going with are going to be off limits due to this. Please help!

Pring

I had the same problem, had been in rental properties and had kept all my bank details at parents house so I didn't have to worry about moving it.

Problem is when the bank runs a credit history they only check the last couple of addresses, very frustrating. Even more frustrating was that my bank account, saving account and ISAs were all WITH the Halifax, who were going to give me the mortgage!

It took a few weeks but my mortgage broker was eventually able to talk to someone at the Halifax and get them to re-run the credit check with my parents address in the most recent. I'd actually moved home for a few weeks by then, as my rental had finished, so was able to give my parents address as recent. The goal is basically to ensure that they run the credit check with your parents address as one of the recent ones that is checked.

benjo

1sttimefrustration wrote: »

Currently hunting for my first mortgage as a first time buyer. Have very solid salary and 30% deposit, good credit rating, can move shortly etc.

My financial footprint is at my parents' home address as I've had a number of different rental properties over the years.

This has been the basis of rejecting my mortgage application. This is bizarre! The reason I've kept my credit and bank details at parents house is because I've had to move around every 6 months. The fact that this should be the sole basis of rejecting my application is in my mind (and yes I'm biased!) ridiculous.

Any advice or other similar experiences?

I'm concerned all the best deals for a 2 year + fixed mortgage I'm going with are going to be off limits due to this. Please help!

Perhaps a post christmas hangover, but you dont say why they have rejected your application. I can see that it is in some way related to your address, but you dont say how it is related and Im sorry, but Im just not seeing it.

Are they saying you dont show up at your parents address? ie you say on the application form you live at your parents but your credit files show differently? as in you are not on the electoral register at your parents?

1sttimefrustration

The majority of my credit history is based at my parents' home address. I am currently living at a rental address.

Solely based on this (as when running checks on my credit history the bank seeking to approve my mortgage had established my credit rating based at parent's home as good and my salary + 30% deposit as v.viable), my application for a mortgage was rejected.

Note that my mortgage brokers have spoken with bank in question but have been categorically told, that despite having the situation explained to them, they will not authorise mortgage on this basis alone. To me this is an indication of just how jumpy banks are to lend still, and how even the tiniest excuse is sufficient to mess up someone's application.

Hope the above provides clarity. Any advice would be greatly welcomed. What next if other banks are taking a similar stance?

joolley

Right. You move around every 6 months. So you're a junior doctor. Try Weslyan or L &C. They deal with doctors and recognise the business of moving every 6 months, banding etc.


I might be well off the mark about being a junior doc. If so, apols.

joolley

1sttimefrustration

No apology necessary although I'm not a junior doctor. Good tip though as I've friends that are! I will pass it on.

Any additional advice out there?

Many thanks

herbiesjp

Firstly you need to get an up to date copy of your credit file.

This may highlight mistakes in your address history as recorded on there

With some lenders, how an address in input into their systems can actually affect the score you get with them - how bizarre is that!

If not, it sounds like you need to get a second opinion from another adviser - plenty people do exactly the same as you have done and have had no problems in getting a mortgage.

You may be asked for proof of address at the various places - but I'm assuming you may have some old bills etc.

You do not state what figures you are looking at, as that may also be affecting the criteria/lenders available to you

Let_Us_See

Whilst some lenders restrict addresses to not more than X in Y years, this should not prevent you from obtaining a mortgage. Suggest you find a more experienced, pro-active adviser or simply apply using your parent's address.