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Does moving a lot affect getting a Mortgage?

MrSaver96
MrSaver96 Posts: 49 Forumite
Fifth Anniversary 10 Posts
in House buying, renting & selling
How does living in multiple addresses over a period of time affect you getting a mortgage? A friend of mine bought a house about 2 years ago, before that lived in an apartment for about 2 years, and is looking to rent for about 2.5 years (without moving) now - rent because it’s closer for his work and closer to family. In 2.5 years he wants to buy again but is worried that moving so much will affect him? Any thoughts? It’ll be 3 addresses in about a 6.5 year timeframe...

Comments

  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Hardly that unusual or troublesome. 
  • mlb95
    mlb95 Posts: 62 Forumite
    10 Posts First Anniversary Name Dropper
    I've moved 5 times in 5 years and it didn't seem to affect our mortgage application at all.. makes for a longer list when you have to give previous addresses in a certain time frame but that was all 🙂
    FTB 🙂
    05/10/20 DIP
    10/10/20 Offer made on property
    12/10/20 Instructed solicitors
    16/10/20 Mortgage application made
    10/11/20 Solicitors received the contract pack from vendor and started the searches
    18/11/20 Homebuyers survey + mortgage valuation conducted
    19/11/20 Survey report and valuation received
    20/11/20 Drainage and environmental search back, waiting on personal search. Initial enquires sent to vendors solicitor
    01/12/20 Mortgage offer received 🎉
    07/12/20 Final search and enquires back
    25/01/21 Exchanged 🎉
    29/01/21 Completed on our first home 🏡
  • Carl2510
    Carl2510 Posts: 548 Forumite
    Seventh Anniversary 100 Posts Name Dropper
    I think as long as electoral register matches should be fine 
  • pinkteapot
    pinkteapot Posts: 8,044 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    Carl2510 said:
    I think as long as electoral register matches should be fine 
    This. You give an address history to the mortgage company when applying and they'll check it against the electoral roll - so as long as you update your address with the council every time you move (and register to vote), it's fine.

    Sometimes people come on here in a mess because they've gone to live with family for six months but left all their ID at another address.

    I've had four addresses in the last ten years and it's never been an issue.
  • Sistergold
    Sistergold Posts: 2,156 Forumite
    Sixth Anniversary 1,000 Posts Name Dropper Photogenic
    You just need to be able to give your address history, where and when you lived in what places. How many times you moved does not matter just keep a good record for use when giving your address history 
    Initial mortgage bal £487.5k, current £238k, target £122k (quarter way!)
    Mortgage start date first week of July 2019,
    Mortgage term 23yrs(end of June 2042🙇🏽♀️), 
    Target is to pay it off in 10years(by 2030🥳). 
    MFW#10 (2022/23 mfw#34)(2021 mfw#47)(2020 mfw#136)
    £12K in 2021 #54 (in 2020 #148)
    MFiT-T6#27
    To save £100K in 48months start 01/07/2020 Achieved 30/05/2023 👯♀️
    To save £100k in 60months start 01/01/2027
    Am a single mom of 4. 
    Do not wait to buy a property, Buy a property and wait. 🤓
  • MaryNB
    MaryNB Posts: 2,319 Forumite
    1,000 Posts Third Anniversary Name Dropper
    I had 5 addresses in the first 7 years I've been in the UK. The 6th address I have had is the house I purchased 2 weeks ago and the multiple addresses was never raised as an issue in my mortgage application. 

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