Moving to temp address during mortgage application process

WLITC

So I might be in the unfortunate position of having to move out of my current rented accommodation before I can complete my purchase of a new shared ownership apartment. If that were to happen (going to try and extend although I have already done this twice) would this likely be problematic for any mortgage lender and the mortgage approval process? As it stands I will likely ask my mortgage broker to make a full application for a mortgage in mid-March, but if I can't extend, will need to move out of my current rented apartment at the end of April. Thoughts?

middleclassbutpoor

Where are you going to move to (family/holiday let etc.)?

Can you re-direct mail to a family member that you trust to receive your mail and pass on to you?

If you are moving to somewhere where you don't need to register to live - i.e. holiday let or family member then I can't see an issue and I wouldnt even raise it with them.

If you are going to go into rented for another 6 months then you will just need to let the lender know what is happening.

bertiewhite

I moved from Wales to Lincolnshire last year and didn't want to buy/sell in one go so moved into Forces accommodation whilst I looked for my next property.


I applied through a broker for a mortgage about a month before completion of the sale on my old house in August, lived in rented accommodation for a few months and then completed my next purchase in November.


At no point did I experience a problem - hope this helps?

WLITC

Thanks both, it possibly depends on how long I might need somewhere temporary. I have worked out it would cost me roughly the same as I pay a month now to rent (if I inc bills and council tax) to stay at a local hotel, so would be inclined to do that for a week or two, but if it landed up being 3-4 weeks (can't imagine it being more than that) then I might do an AirBnb. As for a correspondence address, not sure, could send to my mums or possibly use work address although not sure if I'd be allowed to do that. I guess my worry was the change of address/not on the electoral roll and how that effects credit, although on thinking about it, I guess any lender would have done any credit checks at the start of the full application weeks earlier?