Electoral Roll Update and Applying for Remortgage

[assadahmed]

Quick question for the mortgage brokers out there.

I have bought a house 6 months ago but only moved in on 5 October. I have applied to change my electoral roll records but the local authority has explained that applications received from Oct to November are not updated until 1 December.

I am looking to remortgage the house to take a little money out for building works. Obviously my credit file will not show my updated electoral role records. I will have council tax, utility bills etc etc. Will a lender be ok with this or is the application likely to be refused until my actual credit file is updated??

[Jockman]

If you already have a mortgage with the lender won't they be in on the loop, so to speak?

[Sarnie]

Jockman said:

If you already have a mortgage with the lender won't they be in on the loop, so to speak?

I'm reading it as he doesn't have a mortgage at all currently?

[Sarnie]

assadahmed said:

Quick question for the mortgage brokers out there.

I have bought a house 6 months ago but only moved in on 5 October. I have applied to change my electoral roll records but the local authority has explained that applications received from Oct to November are not updated until 1 December.

I am looking to remortgage the house to take a little money out for building works. Obviously my credit file will not show my updated electoral role records. I will have council tax, utility bills etc etc. Will a lender be ok with this or is the application likely to be refused until my actual credit file is updated??

It will depend on the LTV............also being on the electoral roll boosts your credit score, so it will depend on if your current credit score is sufficient to pass the credit score requirements set by the lender.

Beware, some lenders won't let you mortgage a property till you have owned it 12 months........

[Jockman]

Sarnie said:

Jockman said:

If you already have a mortgage with the lender won't they be in on the loop, so to speak?

I'm reading it as he doesn't have a mortgage at all currently?

If so, apologies

OP drop Sarnie a pm.

[assadahmed]

Yep no mortgage on the house. It's worth about 400k in its current state and I only want to borrow about 95k.

I have evidence that I have applied to change the electoral role.

[Sarnie]

assadahmed said:

Yep no mortgage on the house. It's worth about 400k in its current state and I only want to borrow about 95k.

I have evidence that I have applied to change the electoral role.

Evidence doesn't matter, the benefit of being on the electoral roll is the boost it has on your credit score, which you won't get until you are on the electoral roll and they have updated the relevant credit reference agencies...

[assadahmed]

Thanks Sarnie. Might be better to hold back then until after December to be on the safe side.

[Ean218]

assadahmed said:

Yep no mortgage on the house. It's worth about 400k in its current state and I only want to borrow about 95k.

That's not a remortgage then.