Mortgage Application: Correct Address?

Sh1255

Hi All,

Hoping someone can give me advice. I am about to be applying for a mortgage. I currently rent in the city I will be applying in - however although my name is on the bills my bank statements etc are still at my parents address. I am confused which address to put on my application and if having different documents at both addresses will impact on the application?

Also, I received a household enquiry form for my rented flat and stupidly registered to vote on the rental address as a result. I figured I would change my banking address also but didn't count on buying a house so soon!

My parents address: Bank statements, driving license, passport

Rental address: Lease, Council Tax, Energy Bills, Electoral Roll

My solicitor advised that an offer made would have to match the address on my ID (parents address), and my agreement in principle is for this address.

Any advice on what I can do? Is there anyway to stop this preventing me from getting a mortgage?

bowlhead99

If you did a whole agreement in principle at your parents address without telling them you had ever been at the rental address, that's a bit naughty because you are not giving them the full picture of where you are and how they can find out background information about you for the credit check. However if your banking is linked to your parents place and you don't have any credit agreements at your rental place anyway, they are not missing much.

To make sure you don't end up with differences between where you say you have been living and what the public record shows you to be living (electoral roll), you should probably do your full application using address of your rented place:

You can change your bank statement address to match the address you are living in a few minutes online or in branch on Monday depending on the bank involved.

You can change your driving license address and get a new one sent to you quite easily so the solicitor can see it at the time you take up the mortgage offer and draw funds.

Passport does not show an address anyway.

Kynthia

Lots of people buying for the first time are living in rented or shared accommodation and have some links still to their parents address. So this isbt unusual but it's best to be clear so that it doesn't look like you are hiding anything.

If you are using a separate broker then let them advise you. Otherwise apply using your rented address, especially as that will tie-in with where you are registered to vote. They will have your parents address as your previous address on your application and credit history so it won't be a surprise if that comes up. Also changing your address with your bank only takes minutes.

I think it's law that your driving license and car registered to yiur current address. So I'd get both of them changed now and shouldn't take long. Whereas buying can take 3-6 months so it's worth getting it right.

Sh1255

Thanks both for the advice!

I didn't think of this at the time I got the agreement in principle - I've always just considered my parents address my "permanent address", which is why I've been reluctant to change addresses. I imagined a longer process of finding a house but by luck I found one and made an offer the same week!

So the decision in principle is at my parents address and also the offer submitted for the property - can I now go ahead and change the addresses before applying for a mortgage (if the offer is accepted)? Or will the fact that I have originally used my parents address make a difference to the offer etc.?

I have no credit at either address currently but being paying bills from the rental address.

Also, hadnt even thought of changing my licence as I haven't driven since moving (use it as ID for the supermarket mostly).

You can probably tell I'm a FTB and pretty nervous about it all!

ACG

Ive not read the other replies, but you would put the address you live in as your address. Some lenders will not get too hung up on the voters roll etc, others will.

It probably is worth speaking to a broker, just to avoid the lenders who will put you through the mill, but I am pretty confident you will be fine.

Slithery

Sh1255 wrote: »

Also, hadnt even thought of changing my licence

If DVLA realise this you can be fined up to £1000.

theartfullodger

Be prepared for lender to be very suspicious: I had a mortgage application a couple of years ago (Buy2let but not the issue..) gave all my details to broker. Broker mistyped one character of post-code then lender said I obviously didn't live where I said I did, was a liar & s*dd-*ff. Took some weeks to untangle that.

They also asked details of what account mortgage would be paid from: I told them, my "2nd" account I use for incoming rent. They then said my claimed income (mainly pensions ..) were not shown in the account, I must be a lying toad (again) and s*dd-*ff (again). Couple more weeks to sort that out.

Be honest, give complete picture, but be prepared for suspicion.