Worried about previous addresses and mortgage application.

Feanor

Hi everyone.

Sorry i am new here, but my friend says you are all very nice!

Last year my OH and myself applied for a mortgage and were told we could borrow up to £200,000, as our credit score came out at 'medium'. Anyway when it came down to going ahead with the mortgage and we gave all of our previous addresses, our credit came out at 'low' because we had too many addresses, and would only lend us 160k.

As you can imagine, we were really upset as it doesn't seem we have lived in loads of different places. We both come from a small town, moved away to university and then moved to other cities for jobs.

In the last 3 years, i have had 3 addresses (2 whilst at uni, 1 where i am now since leaving uni). My OH has had 3 in the last three years also. One in Bristol where he worked for 2 years, then moved to London and moved in with some undesirable people, so moved after 3 months into the place we live now.

We have only ever moved for university/jobs, so now we are scared because we are about to start on the whole buying process again and worried that this will really make it hard. We have a joint income of almost 50k, no adverse credit etc..we would like to borrow at least 4 times our joint income, but we have 5% deposit, if not 10%.

I mean, is there anything where my university addresses can be taken into account, as my real home was still my parents house as i was only 45 mins away from them.

It just seems so unfair that something like this will really hinder us, when all we have tried to do is further ourselves and have worked very hard

Can anyone advise anything here? Thanks.

Cardinal-Red

Could you provide more info?

Who told you you could borrow £200,000 in the first place? Was it an online, illustrative calculator for example.

And has your lender told you that the moving around has caused this drop? My partner and I have lived in, seperately, 9 houses in the 18 months prior to our joint mortgage application and it never even came up.

Perhaps other forces are at work...?

Feanor

Hi,

Thankyou ever so much for your reply. It was actually through a fee free broker, and told us we could borrow 200k from Northern Rock at a fixed rate. We had a mortgage in principal, but when it came down to the full application, they then said our score came out as low, not medium..the broker said this was because of all of our addresses!?

Your story makes me feel more reasurred then..maybe we can just try to avoid this particular lender this time. We have nearly lived in this place a year so hopefully that will help.

Thanks ever so much!

Feanor

Does anyone else have any experience of this?