Mortgage electoral roll and credit ADVICE REQUIRED

BMWBMW

Hi,

Advice needed please, I have sold my home which is likely to be completed in May, however a new build property I want is not going to be ready until Oct.

Part of the deal with the new build is they wanted to see my property sold, before I could do an early bird and secure the plot I want, I've done this.

I have decided that to help pay for some of the fixtures and furnishings, I would move in with my parents for a few months to save some money, the fact I created a no chain has also helped me sell my property quickly.

Once I have exchanged on my current property my outstanding debt of 2 credit cards and a loan will be clear.

I am now worried that the fact I will be at my parents address and not on a electoral roll, nearing the time my mortgage will need to be finalised is going to affect me. I am really worried now that my decision to move in with my parents is going to have a knock on affect.

Richard_Pia

Why not just apply for the mortgage now? Most mortgage offers on new build properties will be valid for at least 6 months, and some up to 12. You can just state that your outstanding debts will be repaid prior to completion of your purchase so most lenders won't factor this into the affordability calculation.

AnotherJoe

As you haven't exchanged that means you haven't sold. Does the builder know this or did they just mean you needed an offer accepted on your house ?

ACG

I think the issue is that the OP is concerned they will need their address and this in turn could affect their Mortgage offer.

There are not many new builds round here so I do not know the answer for sure, but I think the change of address could affect the mortgage offer with some lenders.

Kingstreet is probably the man to answer this.

Richard_Pia

If you changed your address post-mortgage offer, I know of some lenders where it wouldn't affect the offer at all. They would just require the new address to be confirmed by your solicitor.

BMWBMW

Hi following your advice I contacted a local broker, who have offered me a mortgage in principle today on the property and there is an opportunity it could be ready sooner than October.

Richard_Pia

Ok, good luck. Hope you get something sorted!