0% Credit - Non Home Owner

MrsRJP

I am needing to buy new furniture and wanting to make use of either 0% on purchases credit card or the shops own interest free credit finance deal.
However my concern is that we are not currently homeowners. My husband, I and 2 kids are currently living with my parents while we wait for new house to be built (due October). We sold our old property in May and are temporarily living with my parents. We currently remain on the electoral register at our old address but have applied to be on the electoral register at my parents address. We have been told, however that the change won't be made until December by which point we will have moved again. We have recently had our mortgage approved and have worked hard over the last few yrs to improve our credit ratings. (Never had any disaterous credit problems, just been lazy and had a couple of late payments, one missed payment and credit utilisation a bit too high)
My concern is: will I be accepted for credit without being a homeowner and registered on electoral role at a different address (old address) to the address (my parents) I would need to use to apply for new credit in.
Also I haven't changed my address as yet at banks etc because by the time I have done it I'll be having to do it again in October, so just left everything as old address and set up a mail redirection with Royal Mail. So because of this I don't know if I can apply for credit with my old address or would this be classed as fraud?? Any advice much appreciated

MallyGirl

you shouldn't apply for credit whilst you are in the process of getting a mortgage

MrsRJP

We already have the mortgage offer approved

amfan

Your mortgage provider may perform additional searches on you up to the point the money is transferred. They have the ability to withdraw the mortgage offer, which could leave you in an expensive and sticky situation if you have not yet completed. This is why it is advised that you wait until the mortgage has gone through fully before applying for further credit.

Nebulous2

MrsRJP wrote: »

We already have the mortgage offer approved

That doesn't matter. They may do a final credit check before releasing the money. If you are close to the limit on affordability it could create problems.

As far as the address is concerned. You need to be honest and consistent. I'd change all your addresses to your current one - where you have registered on the electoral roll.

Lots of non-homeowners get credit. It may be a factor in the decision making, but is only one amongst all the rest.

shortcrust

Just wanted to add my voice to those saying don’t apply until your house purchase is completed. Its crazy to take a risk like that.