will this be a problem??

alr82

Hi,
would appreciate anyones informed advice!!
we have sold our house (yay) and had an offer accepted on our next one (double yay). The people buying ours our first time buyers and keen to move quickly as they have there tenancy coming to an end. this is all fair enough and they we are preety much ready to exchange on that side ...al surveys been done/ soliciters paid etc. the problem is that the house we are buying is part of a chain and dosent look like its moving any where quickly!! we don't want to lose our buyers as we have had a good price on our house and in the current economic unsurity im not sure we would be so lucky again. so.... we are more than happy to complete on the sale and move in with my mum until completion of our purchase. BUT....my concern is will this effect us and our mortgage going forward, although we already have our mortgage agreed and in place, if they were to check just before exchange etc and see that we are now at a different address and say credit score us again will this cause a problem as not sure how that would work with being on electoral role and address on credit reports etc!! do we have to update our address for the sake of a few weeks or so with all our creditors etc??


any advice gratefully received!!

amnblog

This should not be a problem. To satisfy yourself speak to your broker or your lender if you are not using a broker.

alr82

thanks for your reply.
I am using a broker but he is on holiday until next Monday (18th) and I am just wanting to put my mind at rest in the meantime as my husband and I had been discussing options and needed some reassurance that it wouldn't be a problem.

amnblog

Doesn't your broker have anyone covering?

alr82

hes a bit of a one man band!

dutluk2001

when i first moved into my house i left my rented property and back to my dads a few months before. i was advised by the mortgage adviser to keep all accounts in the rented property and pay for the royal mail to redirect my mail. It didnt cost alot but there may be a time limit it can be done for im sure i did it for 6 months.

amnblog

alr82 wrote: »

hes a bit of a one man band!

Poor - that's not service

alr82

maybe not, but to be fair he advised us of his week off well in advance and he is a very lovely, helpful chap who has really aided us so I can forgive him his break!

cahillg81

It will be fine it's not uncommon. You should be able to update the lender of your new correspondence address and as long as you have an offer there should be no reason to re-credit score you. In addition lenders can fait accompli an offer if it does decline on credit scoring so long as there are no material changes to circumstances.

And your broker deserves a holiday, that is a poo post above. I have people in my office who cover for me, but sometimes i wish they didnt :-)

alr82

thank you so much! excuse my ignorance....fait a compli??
yep, we thought our mortgage broker was entitled to a holiday as much as the next person!

cahillg81

French term used in underwriting - a thing that has already happened or been decided before those affected hear about it, leaving them with no option but to accept it.

So say n your example an offer has been issued you move property short term have made a non-material change but impacts your credit scoring and your application declines lenders will still continue with the app.