Future Mortgage/Address History - Confused!

1muffin

I've always had my bank (current) accounts addressed at my mum's house, but for the last 8 years, I have lived in rented accommodation. A couple of times I applied for credit cards, listing all my rented accommodation history, but they failed the credit check. A few months back I took a different approach - only mentioned the one address (linked to current accounts), and passed!

Now at some point within the next few years I hope to apply for a mortgage and buy a house which is nowhere near my mum's. Next week I move to another place (hopefully near where I intend to buy) and it may be that this will be my last rented place before trying to buy. What do you suggest I do:

1 - Tell all banks/credit companies that I am moving to a new address, so that when I apply for a mortgage, it won't seem weird that I work in one place, but have lived all my life hours away. The risk here that I may not have much time history at this place.

2 - Keep all banks/credit companies registered at my mum's. Risk here is that of course I haven't lived here, but my credit history and address history is very good.

Any advice?

ACG

You need to tell them your address history.
You also need to find a lender who is quite relaxed about your address history and the fact you have no updated your lines of credit to where you live - lenders vary massively on this.

Personally I would say speak to a broker.

cahillg81

Just update your address with current lenders, it's really not that hard. Why do people do such silly things?

amnblog

When your lender checks you out for a mortgage they will identify any addresses that your have a record of having a connection with over the past six years. They will also be establishing if you are listed, or have been listed, on the electoral register, and if so where.


The Lender asks you to outline your residential address over the past three years. If the information provided does not fit with the information they pull up on the search further questions will be asked.


It is not uncommon for young people in rented accommodation to leave their bank paperwork going to their parents address.


In your case, the address(es) where you lived and applied for credit will come up on the search and your Lender will ask about them.


These situations can get messy, but mortgage brokers are used to dealing with them and they are rarely a major barrier to lending.


When applying, enter the addresses where you have been living.

1muffin

Thank you all.

As soon as I move to my next place, I'll be updating my banking addresses to match. You are right, it is silly to not have updated them as it has always been easier at the time to simply leave it at a parent's address. I'm glad that this doesn't sound like a deal breaker, though!