Minor Address Differences

lightningz

Hi all,

Currently going through the mortgage process with a broker, unfortunately we're having trouble with our address. They're stating the address on the application and the address on the payslip or bank statement needs to be exactly the same. Depending on which system you use though, a different variation of our address exists. For example:

1. Royal Mail postcode checker will return Apartment 1, BuildingName
2. Tenancy agreement states Flat 1, BuildingName
3. Electoral roll states 1, Building Name

This means my payslip is slightly different to my bank account, as are my partners. To the human eye it is clearly the same address. All have the same road and postcode, and we've never encountered any issues with obtaining credit / bank accounts previously. 

Has this scuppered our chances? Updating addresses and having them then appear on statements isn't a quick process.

K_S

@lightningz With flat addresses, this is a common issue but the variations stated in your post are rarely a show-stopper.

In the past I've had issues with DIPs failing as the credit agency (the usual culprit is Equifax) has the address in a different format. With some lenders you are able to request a 'manual scoring', or fix the issue on the credit file or use a lender that doesn't use that credit file.

But it seems like it's your broker (assuming this is a whole of market broker and not a specific lender's mortgage advisor?) saying this, which doesn't make a lot of sense if the differences are indeed as minor as in your post and you've never had an issue with credit in the past.

lightningz

K_S said:

@lightningz With flat addresses, this is a common issue but the variations stated in your post are rarely a show-stopper.

In the past I've had issues with DIPs failing as the credit agency (the usual culprit is Equifax) has the address in a different format. With some lenders you are able to request a 'manual scoring', or fix the issue on the credit file or use a lender that doesn't use that credit file.

But it seems like it's your broker (assuming this is a whole of market broker and not a specific lender's mortgage advisor?) saying this, which doesn't make a lot of sense if the differences are indeed as minor as in your post and you've never had an issue with credit in the past.

Thank you so much for the reassurance. I don't believe it's even at the lender stage, just L&C's AML checks. 

K_S

lightningz said:

K_S said:

@lightningz With flat addresses, this is a common issue but the variations stated in your post are rarely a show-stopper.

In the past I've had issues with DIPs failing as the credit agency (the usual culprit is Equifax) has the address in a different format. With some lenders you are able to request a 'manual scoring', or fix the issue on the credit file or use a lender that doesn't use that credit file.

But it seems like it's your broker (assuming this is a whole of market broker and not a specific lender's mortgage advisor?) saying this, which doesn't make a lot of sense if the differences are indeed as minor as in your post and you've never had an issue with credit in the past.

Thank you so much for the reassurance. I don't believe it's even at the lender stage, just L&C's AML checks. 

@lighningz It just might be inexperience on the part of the person doing the checks and following instructions to the letter, perhaps ask for a supervisor/TL

Sandtree

We used to have no end of problems with a previous address because it was:

6 Bob Terrace
Long Road
Town

In the Royal Mail PAF file the "Bob Terrace" was in some weird rarely used field and so tonnes of our mail used to get sent to 6 Long Road because banks etc dropped the field.

With various websites where you have to use a lookup we simply couldnt use them because they didnt get our address right.

Have to admit was slightly concerned when it came to the mortgage firstly because of this problem and that some did note us as at 6 Long Road, but also because we had plenty of Flat-v-Apartments too and the Mrs is terrible at the practicalities of life so had old accounts still with wrong addresses.

For us it didnt cause any problems at all, mortgage went through with only one blip but that wasnt related to addresses.

I would however be reluctant to live at an address like it again because of the problems.