Barking up the wrong tree in hoping for a mortgage?

tetsuobodyhammer

I thought i'd put this out there to the moneysaving forum, as it's been daunting doing the reading that i've done thus far considering the position i've gotten myself into.

In a nutshell, i've lived here - in the United Kingdom - fifteen years. Haven't gone out of my way to wreck my chances of ever owning a property, but never considered it a possibility, financially or in light of prices here in the capital. So over the course of eleven years, my address history looks like swiss cheese. I've stayed in a new apartment every year or so over the last five years at least trying to find somewhere affordable and without psychopathic tenants living alongside me. I gave up last year around october due to the cost and have been house/room sitting for a friend who is working in Berlin until end May. I cannot use this address for any reference in future due to circumstance.

Anyhow, unfortunate recent events have led to the fact that it is probable a substantial inheritance is going to be coming to me one way or another within the next ten to fifteen weeks. This would, if i'm correct and do not find myself taxed into the next dimension, possibly total anywhere between forty and seventy k.

In my mind, sometime not long ago, the thought that i should at least consider the prospect of trying to sink this into a small property of my own in london as a deposit surfaced. However, that chequered address history of mine is now back to haunt me.

Had i somehow managed to register myself at an address over the last six months even while still house sitting, i guess that this may have allowed me to stay on the radar for that time but alas, i am now back to a situation where i am essentially of the books once more.

I do realise that i am going to have to relocate myself in order to put my name on at least one or two bills that would prove my existence to a prospective lender come May or June.

What i'd like to find out from folks here would be if there is anyone out there who could shed light on the possibility of hope in the near future of my finding a lender with whom i would be able to secure a mortgage - considering my poor address history - in order to buy a flat or apartment for myself in London.

Earning only forty thousand per year will very possibly scupper this, but i still dream (a bit)

Any positive advice would be much appreciated.

lucie_1985

We had a not too dissimilar situation, I think that actually moving annually isn't that abnormal when renting in London - I worked for a large firm that gave a free day of annual leave each year specifically as a "moving day" for this reason. We bought two years ago as a result of an inheritance.

breaking_free

Hi there.

I'm working through the mortgage application process right now myself. I've been in the UK right on the nose of 3 years and have moved 6 times.

It has been almost impossible for me to provide proof of address but I'm nearly there now

Things I tried that weren't acceptable:
- Electoral role (yep, I thought this would be the gold standard of proof but apparently not)
- Copies of utility bills (copies are not acceptable - bills must be the original bits of paper that were delivered through your door)
- Tenancy agreements (no good as these were private tenancies)
- Wage slips from previous employers (nada. Not even close to good enough)

In the end the only thing that I've been able to provide which is acceptable is reprints of bank statements. I was diligent in always informing Lloyds bank every time I moved and this is what has saved me (I've applied for a mortgage through Leeds Building Society).

Good old Lloyds has been super at providing me with statement reprints for every address I ever lived at - and they were able to do this even though I closed my account with them in February 2014.

So, if you've been updating your bank with your movements you might be quids in. If not...you've got an uphill struggle.

Best of luck!

tetsuobodyhammer

lucie_1985 wrote: »

We had a not too dissimilar situation, I think that actually moving annually isn't that abnormal when renting in London - I worked for a large firm that gave a free day of annual leave each year specifically as a "moving day" for this reason. We bought two years ago as a result of an inheritance.

Thanks, i don't think i'm too concerned about the number of times i've moved as much as the fact that right now i don't have a postcode i can offer (nor for the last six months). I guess i'm just a bit depressed that in a town like London where people could be expected to have a somewhat colourful address history it's proving so difficult to get any answers at all from a broker or a lender at the moment.

tetsuobodyhammer

breaking_free wrote: »

Hi there.

I'm working through the mortgage application process right now myself. I've been in the UK right on the nose of 3 years and have moved 6 times.

It has been almost impossible for me to provide proof of address but I'm nearly there now

Things I tried that weren't acceptable:
- Electoral role (yep, I thought this would be the gold standard of proof but apparently not)
- Copies of utility bills (copies are not acceptable - bills must be the original bits of paper that were delivered through your door)
- Tenancy agreements (no good as these were private tenancies)
- Wage slips from previous employers (nada. Not even close to good enough)

In the end the only thing that I've been able to provide which is acceptable is reprints of bank statements. I was diligent in always informing Lloyds bank every time I moved and this is what has saved me (I've applied for a mortgage through Leeds Building Society).

Good old Lloyds has been super at providing me with statement reprints for every address I ever lived at - and they were able to do this even though I closed my account with them in February 2014.

So, if you've been updating your bank with your movements you might be quids in. If not...you've got an uphill struggle.

Best of luck!

I get my bank statements delivered to work, unfortunately, and have done for a long time due to missing mail. Things are not looking fantastic

tetsuobodyhammer

Have now spoken to two other organisations - one lender and barclays mortgages (i bank with them). Can confirm no chance of a mortgage whatsoever without at least a three year address history.