Mortgages, finance and addresses

gozaimasu

I hate renting in this country all the landlords are rip offs.

AdrianC

gozaimasu wrote: »

I would probably approach a broker (one of the free ones)

Ain't no such thing. Mortgage brokers aren't philanthropic charitable types who live only to help people out, purely for the fun of it.

SOMEBODY pays their fees. If it isn't you, then it's the mortgage providers. And, of course, that means that there's a temptation for them to take that into account in their recommendations. SOME of them will ignore it, and make a recommendation based solely on what's best for you. SOME of them might be less unbiased.

But, whoever and however you chose a broker, if you explain your situation, they'll be able to advise you on the best solution.

combineharvester

I'm in exactly the same situation as yourself, so will follow this with interest. I've heard all sorts of conflicting advice on this matter, some people saying that our situation should be fine, while one IFA told me that mortgage companies wouldn't remotely consider lending me money...

kingstreet

Typically a broker gets 0.3% to 0.35% of the loan amount for advising on, sourcing and arranging a mortgage. In our area, that normally means £270 to £320 and we can't make a profit on our face-to-face, in your home service, so we charge a £249 fee for our whole market offering.

If you want independent advice and commission (if any) rebated to you on completion this will subsidise the higher fee you'll pay for such a service, but you will have information about direct deals not available via brokers.

Our method of dealing with the "registered address" issue is to explain to the lender the applicant's financial dealings are all based at (for example) their parents' address and supply their accommodation addresses for manual checking, to ensure all is open and above board.

kingstreet

gozaimasu wrote: »

I considered a Royal Mail PO Box but this is too costly and could be inconvenient

... and will see you declined so fast by a lender, your ears would be ringing!

You need a place of residence at which you can be on the electoral roll and have lenders be able to see your credit record.

custardy

Free mail collect at the DO

thequant

gozaimasu wrote: »

What I meant, was that I would give lenders the address, but use the PO Box to collect the mail from the delivery office so that the landlord couldn't open it.

I understand that it's the electoral roll thing that will cause the problem - regardless of my finances being registered at one address, if I'm not registered to vote there, I will get rejected flat out.

Oh well, life is sh*t, I know this.

Lenders are not fussed about people having messy address histories. It might be a pain in the !!!! them to wade through it if your history is all over the place, but they will wade through it.


What they do care about is that there is a history, i.e. you exist as a person. If you exist as person then you must have lived somewhere, they must be some proof somewhere. If the bank can't verify that, then quite rightly they will ask why.


In the last bubble so much mortgage fraud took place that a couple of banks where brought to their knees just on the bogus lending alone.


A few months ago I was in a similar position, not on the electoral roll, registered at several addresses simultaneously.


A visit to the council and an email off to credit reference agencies was it needed to sort out. Took about a month to totally fix.


I have applied for a mortgage and subsequently obtained one.