Address use for mortgage credit checks - advice please

GGB1979

Hi there, I hope someone could help me, I'm looking to buy a place for the first time in the next six months after 8 years of saving!:

Some background:
- I currently rent from a friend in Central London, but my parents live just outside London
- All my bank accounts are registered at my parents address, but I am registered to vote at the rental location (central london)
- I've lived in various rental places for some 7-8 years and moved my voting with me, but bank accounts have always stayed at my parents
- I have a good credit rating & deposit of c20%
- I am of the understanding that it would be better to have all my correspondence / banks accounts & voting etc at one place - makes sense I guess


Questions are:
1) Given I have zero banking history at the rental address but some 30 years at my parents, would I be better off to change my voting registration back to my parents, or to try and move some 10 bank accounts to my rental address; and
2) Will the mortgage offers look back to my previous address for credit checks and (i) will these be what I put on the form (parents), or (ii) do they look to previous rgistered voting places etc.

Many thanks in advance for any advice

Joe_Bloggs

Check your statutory credit reports to see which addresses you are linked with. It might not be worth the effort of changing electoral role info until you move. It may be weeks/months before the change becomes effective.
J_B.

Conrad

The voters roll is the key starting point for credit scoring systems, so you need to disclose 3 years history as per where you were on voters roll. Changing it yet again to your parents will only reduce your score I suspect, unless you did it right now and then looked for a mortgage in 12 months+

It's IMPOSSIBLE for anyone to predict how lenders scoring will go, as none of us will know what financial footprints the systems picks up - for example we don't know if you topped up a Nectar card and used you parents address for this in say April 2009.

Above all, credit scoring is designed to pick out stability as all statistical studies reveal that the more stable an individuals habits are, the less likely they are to later get into financial difficulty. Where it may get messy is if you ask your own Bank for a mortgage (you mention 10 Bank accounts) as thier records wont tally with voters roll.

A thought for you. Some small regional Building Societies do not use credit scoring as they take a much more personal hands on approach. As such these might prove to be a life line when it comes to a mortgage but be aware they are cautious and tend to lend only 3 or 3.5 x basic salary afrer deducting annual cost of any loans / cards and they also tend to want to see 3 or 6 months Bank stats to see your conduct (essentialy are you organised and like an old fashioned Quaker when it comes to money).

Best

highburylibrary

I was in this situation, and when I applied for my mortgage, explained this to the adviser, they searched on both addresses to get a "complete picture", and it all went through fine.

GGB1979

Thanks all for your comments. Conrad and Joe, you appear to suggest that moving my voting post might not be the best plan as it shows further movement - is that correct?

I have now asked a financial advisor (not sombody I have signed up to work with I might add), and he suggested I should align to my parents address as it's the place that I have been for most of the time and easiest to explain to the mortgage providers as a low rish approach.

Highburylibrary, did you leave all your details split then and it was fine? Did it limit any of your mortgage choices?

Thanks again
GLen