Changing to temporary address after mortgage offer

Wjg89

Whilst I really appreciate this advice (for if I ever need to rent again), we're moving out in the next few days. The bit I'm more concerned about is the mortgage application. 

trix-a-belle

perhaps the mods can merge the 2 threads on the same subject by the op, this one & https://forums.moneysavingexpert.com/discussion/6381564/changing-address-after-mortgage-offer-accepted#latest

K_S

Wjg89 said:

I'm in the middle of buying a house and have had a mortgage offer from NatWest, but it's about to expire as it's taken a lot longer than expected to get to the point of exchange.

I'm having to move out of my rented flat for 1 - 2 months (as I don't want to renew my contract for another year) to stay with a friend whilst I wait for everything to go through.

I've already applied for the electoral roll but if my application address doesn't match this (as it may still be my old address for a while), is there a strong possibility of being rejected? I'm very worried that living in temporart accomodation is going to affect my credit score.

@wjg89 If you're talking about a fresh application at your new address, I wouldn't worry too much. During the covid years, I've done plenty of applications where the clients had moved into temp accommodation (family, friends, short-let) to avoid losing their buyer or to be chain-free before buying, but it's never stopped me from getting them a mortgage.

The main scenario in which it can potentially cause issues is if it's a 95% LTV app. or there are other credit related issues in the background which mean that you are borderline on 'credit-scoring' (talking about lender credit scoring here, not the Experian/Equifax/Transunion credit score). But even that should not shut you out completely.

nicmyles

I had a similar scenario where, due to a long chain and an itchy buyer, we sold our flat and moved into temporary accommodation before our purchase went through. We had an existing mortgage offer, and due to further delays, then had to reapply for a mortgage.

The lender (First Direct in this case) completely understood the situation and it made no difference to the process. Just need to keep them in the loop. I think the key point is this is not an unusual scenario for lenders.

Helplesssheep

Put a redirect on your post via Royal Mail. I don’t think the electoral register thing would show up on a credit check for a while, but not sure on that