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electoral roll problem
Comments
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not sure what they're using , it was recommended to them by the person who deals with them buying the flat - its a rent to buy scheme - so again excuse me for being stupid but I dont' really know how it all works, if the credit check goes ahead and its flagged up that they're not on the electoral roll are you saying they will then look into this further and see that they were registered at their previous addresses up until a short while ago ?? or will it let them down ?? surely the credit check agencies must allow for this situation or is that me being extremely naive ??0
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Yes. That's exactly what I'm saying.are you saying they will then look into this further and see that they were registered at their previous addresses up until a short while ago ??
The electoral roll search will pick them up at their previous address(es) and the problem is if they have not been on the electoral roll at ANY address in the last three years.
In addition, "rent to buy" is likely to be a less vigorous search than that carried out by a mortgage lender.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
cool
the scheme they are on is that they have the opportunity to rent the flat for 3 years within that time they have the option to start buying it ( like shared ownership ) they're hoping to get a mortgage for 35% of it within the first year of being there and then they get a cashback deal so I think it will still be a credit check for a mortgage won't it 0 -
They could certainly add a note to their credit reports explaining that they have registered to vote at the new address but because of the annual electoral roll update it won't show for a few months. Any lender carrying out a credit check would see this note and would then be aware of the circumstances.
James“Official Company Representative
I am an official company representative of Experian. MSE has given permission for me to post in response to queries about the company, so that I can help solve issues. You can see my name on the companies with permission to post list. I am not allowed to tout for business at all. If you believe I am please report it to forumteam@moneysavingexpert.com This does NOT imply any form of approval of my company or its products by MSE"
Posts by James Jones, Neil Stone, Stuart Storey & Joe Standen0 -
thank you James - will it make any difference that they've both been registered previously at their parents houses ?? they think they will have to wait until February otherwise but that can't be right surely ??0
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