Registered Addresses when Applying for Mortgages

Taitch

After living in an HMO for some time, I have enough money in savings for a deposit to finally move out and buy somewhere of my own.

I live with four people I don't know, so for security reasons (and because I didn't expect to be here as long as I have been) I didn't switch the addresses on things like my bank accounts. They're all still registered at my previous address - my parents house. They've been there for a number of years and aren't moving any time soon. The only thing registered to the HMO is my car insurance, as this is where the car is kept most of the time.

When I've talked to mortgage advisors I've had mixed responses to telling them that I live in one place and have my bank accounts registered to another. I've been told both that this wouldn't affect the amount I could borrow, and that it could affect it substantially.

To avoid the uncertainty I was planning on moving everything over to the HMO address. Will doing this now (having been here for three years) remove one negative (two addresses) but add another (waiting three years to change it)?

Thanks in advance for your help

Xyzzy

To me I wouldn't expect you to have a big problem, whether you leave it or change it now, it's only if ID is required that you may struggle to prove your address (is it on your driving licence?) The only other thing is if you're not on the electoral roll this may affect your credit score.

Taitch

Cheers for the response.

I'm on the electoral roll at the same address my bank accounts are registered with, which is the same address that's on my driving license.

The only thing I have with this address on it is the contract with the agent and my car insurance docs.

glosoli

When I take customers through applications, I expect them to give their actual address history, not only where they have financial associations. And then if required, I would do a stand alone credit check on properties they have any financial associations, or refer it to the underwriters for them to do more thorough checks.

Taitch

I've never withheld it, and have always explained the reasons for it being as it is.

In your experience would my situation have an effect on the amount I could borrow?

glosoli

From an amounts perspective, no it should not effect it at all.

The main thing is that all of the dots can be joined together, in terms of where you are actually living, and where your credit liabilities are registered to.