Better chance of mortgage through current bank?

Senior_Paper_Monitor

"someone with experience in mortgage applications" ?? Isn't processing six a week enough (and built/maintain our internal lenders criteria comparison database) ?

No credit record = no mortage (rejected at any automated dip stage - possible personal underwriting from a small selection of lenders but very unlikely)

byebyedebt

Unless you are on an electoral role you will find it very difficult to get a mortgage.

Technically it is illegal for an eligable voter not to be registered on the electoral role if they are living in the country. How many lenders are going to lend to someone that doesn't comply with the law?

Im not saying its impossible, but would you lend money to someone that claims to live somewhere but is reluctent to register an address.

Council Tax and Electoral Roll are different. I was a student during the days of the poll tax, lived at my uni address but was registered to vote at home. No one chased me at my home address (not that it would have mattered as I would have been exempt).

Get yourself registered. If not at home, use a work address. It will boost your credit score and make it easier to get past the dreaded computer!

Yorkie1

bodmil wrote: »

I don't know if it's worth it, I don't really know the effect of having no credit record when applying for a mortgage.

I had been on the electoral roll for 12 years at my then rented address, had a credit card paid off monthly, and no adverse credit on my record at all, professional job - and was declined on a particular mortgage because I didn't have enough track record with credit.

I'd managed my affairs too well by not needing to use credit; they'd have preferred me to have needed to use credit to buy things because then it would have demonstrated successful management of credit! Bonkers.

A different company took a different view but it just goes to show how picky they can be.

bodmil

I work at sea, so it's not possible to use that as a home address. I am usually away at work 8 months of the year, then I got on holiday skiing for the remainder of the year. I really would lend to me, all my living costs are covered so I save 95% of my wages, I'm not going to buy things on my credit card for the sake of buying things. I often go months without spending a penny! It really is stupid how those who use credit are marked higher than those who don't need it!

Will it be enough to just get on the electoral role when I start a mortgage applications? I recently opened up another current account and they noted I wasn't on it but did a further check and were happy to offer me the account plus £5k on a credit card.

Yorkie1

Unless and until you actually apply for a mortgage you will not find out whether electoral roll alone will be enough for a mortgage lender.

My experience is that they like to see some stability in credit history and addresses.

If you can't provide a history of either, t hen some lenders may score you lower. A whole of market mortgage broker may be able to advise you in more detail.

bodmil

Is it a bad thing to apply for the mortgage but turn it down. To assess my suitability, then apply say 6 months later when I am have more savings?

Yorkie1

The main difficulty I can see is that it would leave a credit search on your file. Too many of those and you look like a worse credit risk.

But one credit search now, and then nothing for another 6 months, I would imagine wouldn't cause too many difficulties - subject to any comments that others with more experience might have to add.

becca0417

My partner was not on the electoral roll and we were turned down by our own bank because of it. You really do need to be on it. Unless you have a large deposit (25% plus) and know a good broker.

bodmil

Thanks guys, I appreciate the advise. I'll have a chat with the bank when I get back and see what they think before I do anything.

I will have 25-30% deposit and my salary multiple will be 3.5 maximum.