In loan application limbo

Otuama

Hi all,

My mum and I have purchased a property (co-owners).

We're having a renovation done and although not ideal, we (well, I) may need to look into getting a loan at some point.

A bit more info:

• We're not currently living in the property (it's unoccupied)
• We're currently renting a place we've lived at for 17+ years

I have pre-approved loans with Tesco & Admiral.  Admiral is 12.3% APR.

Looking on MSE, I can see that First Direct, for example is half that.

However, my issue lies where when putting info into the MSE loan calculator it asks me the following:


What's my address:
Well, I currently have 2.  Do I put in the one I've lived in for 17yrs?

What's my residential status:

I'm a homeowner - no mortgage for somewhere I'm not officially living in.

In the place we're currently living, it's under my Mum's name, she pays the rent etc etc ..... I pay her each month.

If you've lived in your current property for less than 3 years, we'll also need your previous address.

Ok, what do I do here too? 

As you can see I'm in an odd situation so any advice would be great.

I'll add that I also have an excellent credit score

Thanks

MEM62

Otuama said:

Hi all,

My mum and I have purchased a property (co-owners).

We're having a renovation done and although not ideal, we (well, I) may need to look into getting a loan at some point.

A bit more info:

• We're not currently living in the property (it's unoccupied)
• We're currently renting a place we've lived at for 17+ years

I have pre-approved loans with Tesco & Admiral.  Admiral is 12.3% APR.

Looking on MSE, I can see that First Direct, for example is half that.

However, my issue lies where when putting info into the MSE loan calculator it asks me the following:


What's my address:
Well, I currently have 2.  Do I put in the one I've lived in for 17yrs?

Nope, you have one and that is where you live.  A property that do not live in is not your address, whether you own it or not is irrelevant.  

What's my residential status:

I'm a homeowner - no mortgage for somewhere I'm not officially living in.

In the place we're currently living, it's under my Mum's name, she pays the rent etc etc ..... I pay her each month.

Your are not a homeowner.  Your status is renting / living with family/parents (Depending on what options the dropdown list gives you)  

If you've lived in your current property for less than 3 years, we'll also need your previous address.

Ok, what do I do here too? 

You have lived at your address for more than three years so no issue here  :-)

As you can see I'm in an odd situation so any advice would be great.

I'll add that I also have an excellent credit score

Thanks

You are confusing property ownership with home ownership.  It is not your home if you do not live in it.