Will this negatively affect my mortgage application?

ted.anon

I used to live in a house that I own and have a mortgage on but I recently changed jobs and moved to London. As a result I moved out of my house and rented that out, and I am currently renting privately in London. I plan on buying a flat in the next 6 months.

When I moved out of my house, I changed my bank address, etc to my parents house instead of my London flat because I wasn't sure how permanent this address was going to be.

Now I'm wondering, when it comes to applying for a mortgage, will it look like I've lived at my house, then my parent's house to the bank? And when they look at my bank statements they will see that a large amount has come out every month (rent) and will want to know what that's for.

Will it negatively affect me that I'm registered as living at one address but actually renting somewhere else?

Thanks

(Also, sorry if I've posted this in the wrong section)

[Deleted User]

Which address are you on the electoral roll at?

This is the address where your banks etc. should be registered to

National_Debtline

Hi ted.anon,


I think it is worth noting that the fact that you already have a mortgage will be taken into consideration when you apply for another mortgage (even though the other property is now let out). Banks will assess your credit file and affordability when applying for credit. The addresses may be an issue, but I am sure it can be easily explained.

It is also important that you have either got written consent from the bank to let the property or switched the mortgage over to a buy to let. Otherwise, letting the property is likely to be a breach of the residential mortgage terms and conditions and can actually result in the bank seeking repossession. Plus with a buy to let you are now self employed, so need to be registered as such, do your tax returns and all of this will be taken into consideration with a new mortgage application. Good luck,


Laura
@natdebtline