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Is my temporary address going to ruin my good credit score?
Hebblethwaite
Posts: 169 Forumite
Hello All,
I've been working on my credit score over the past couple of years (having always spent using cash or a debit card, I realised that not having a credit card history was going to make lenders wary of me) in order to be in a good position to apply for a mortgage. I was planning to try and buy my first home this summer before moving to a new city, but then COVID happened and everything went a bit awry. I've made the move to the new city, but wasn't able to buy a house to move to first. I was also unable to find a suitable property to rent without actually being in the vicinity. I'm now living in very basic accommodation at my workplace and expect to be here until I've bought (however long that may take). I'm paying rent, but this is by me going to the accommodation office and making a credit card payment at the start of each month. I don't have a postbox/pigeon-hole, so I've arranged for most of my post to be sent to my parents' address. I'm essentially using their address as my correspondence address, including for my bank accounts. However, I have registered to vote at the address I'm actually living at.
I'm still wanting to buy a house and will shortly want to apply for a mortgage agreement in principle. I'm really worried that having just moved house and now seeming to be spread across two addresses is going to be a bit of a red flag. I'm registered with the MSE Credit Club, but when I went to update my address, Experian didn't seem able to recognise the address of my current accommodation (which isn't surprising as the postcode is predominantly for my - very large - workplace, and doesn't include very many actual residents).
Is there anything I can do to mitigate the impact of my move and my current temporary address on my credit score? I thought about registering to vote at my parents' address instead of here (so that I can make it seem everything is associated with a single address), but I don't think that would be allowed given I don't actually live there. I suppose I could change everything to be registered at my temporary accommodation but arrange for all my post to be redirected to my parents' address? (Would be a bit annoying though as I've already paid for a redirection from my previous address to my parents).
I otherwise look pretty good on paper for credit/mortgage applications - I have a very healthy deposit (around 35% - 45%), a good job that definitely isn't at risk during the pandemic and earn a good salary for someone buying on their own. I have been wanting to buy for almost a decade and thought the timing was finally going to be right this year, so I really don't want everything to get messed up by failing to anticipate things that are going to make me look bad to mortgage lenders. I'd be grateful for any thoughts/suggestions. Thank you. (We'll leave aside whether or not this is a stupid time for a first-time buyer to be dipping their toe in the water - I've enough sense to wait things out if I can't find a house that meets my must-haves without blowing my budget!)
I've been working on my credit score over the past couple of years (having always spent using cash or a debit card, I realised that not having a credit card history was going to make lenders wary of me) in order to be in a good position to apply for a mortgage. I was planning to try and buy my first home this summer before moving to a new city, but then COVID happened and everything went a bit awry. I've made the move to the new city, but wasn't able to buy a house to move to first. I was also unable to find a suitable property to rent without actually being in the vicinity. I'm now living in very basic accommodation at my workplace and expect to be here until I've bought (however long that may take). I'm paying rent, but this is by me going to the accommodation office and making a credit card payment at the start of each month. I don't have a postbox/pigeon-hole, so I've arranged for most of my post to be sent to my parents' address. I'm essentially using their address as my correspondence address, including for my bank accounts. However, I have registered to vote at the address I'm actually living at.
I'm still wanting to buy a house and will shortly want to apply for a mortgage agreement in principle. I'm really worried that having just moved house and now seeming to be spread across two addresses is going to be a bit of a red flag. I'm registered with the MSE Credit Club, but when I went to update my address, Experian didn't seem able to recognise the address of my current accommodation (which isn't surprising as the postcode is predominantly for my - very large - workplace, and doesn't include very many actual residents).
Is there anything I can do to mitigate the impact of my move and my current temporary address on my credit score? I thought about registering to vote at my parents' address instead of here (so that I can make it seem everything is associated with a single address), but I don't think that would be allowed given I don't actually live there. I suppose I could change everything to be registered at my temporary accommodation but arrange for all my post to be redirected to my parents' address? (Would be a bit annoying though as I've already paid for a redirection from my previous address to my parents).
I otherwise look pretty good on paper for credit/mortgage applications - I have a very healthy deposit (around 35% - 45%), a good job that definitely isn't at risk during the pandemic and earn a good salary for someone buying on their own. I have been wanting to buy for almost a decade and thought the timing was finally going to be right this year, so I really don't want everything to get messed up by failing to anticipate things that are going to make me look bad to mortgage lenders. I'd be grateful for any thoughts/suggestions. Thank you. (We'll leave aside whether or not this is a stupid time for a first-time buyer to be dipping their toe in the water - I've enough sense to wait things out if I can't find a house that meets my must-haves without blowing my budget!)
0
Comments
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Too long. Shorten please.Ignore your score as well0
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Moving house isn't going to affect your chances of getting a mortgage. I moved from a leaking flat to a (rented) house, and 6 months after that moved into my mortgaged property.
Lenders don't care about your score, or you moving house, they care about your ability to repay, and they're a lot more lenient when it comes to mortgages than unsecured lending.
Stop worrying and apply when you're ready. I'd be a lot more worried about them tightening their belts due to COVID than any of the twaddle the CRAs spout. But even then, it doesn't seem like you'll have a problem. Pro tip: use a broker.1 -
No.
As others have said, lenders don't even see your credit score so it doesn't matter.
I don't think you have any need to worry.
Please note - taken from the Forum Rules and amended for my own personal use (with thanks) : It is up to you to investigate, check, double-check and check yet again before you make any decisions or take any action based on any information you glean from any of my posts. Although I do carry out careful research before posting and never intend to mislead or supply out-of-date or incorrect information, please do not rely 100% on what you are reading. Verify everything in order to protect yourself as you are responsible for any action you consequently take.1 -
Thank you to Yahoo_Mail, MalMonroe and Malkytheheed for taking the time to read my question and for your responses. Very reassuring, thank you.0
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