Getting a mortgage - electoral register?

[Pulse]

So I'm pretty much ready to buy my next house, but have just realised I didn't transfer to my current address after leaving my old house in October!

What does that mean for my mortgage chances? Do I need to wait a while now? I've just this moment applied to change to the house I'm at now.

[Sarnie]

Being on the electoral roll at your current address, does help hugely. How much it does or doesn't impact you depends on the rest of the variables of your application.........

[Evil Monkey]

Underwriter here - Sarnie is correct, although if you've only recently moved and were on the voters' roll at your previous address (which you should be asked for on your application) then the credit score should pick it up.

[Pulse]

Brill, thanks! Yes, only moved here a month ago, so that's good news. My credit rating is pretty good, so hopefully that'll be picked up. Does the size of my deposit matter much? I'd be looking at a reasonable sum going in.

[Sarnie]

Pulse said:

Brill, thanks! Yes, only moved here a month ago, so that's good news. My credit rating is pretty good, so hopefully that'll be picked up. Does the size of my deposit matter much? I'd be looking at a reasonable sum going in.

Your deposit is hugely important, second only to credit score...............

[Evil Monkey]

Sarnie said:

Your deposit is hugely important, second only to credit score...............

....and affordability. Deposit and credit score don't mean st if you can't afford the loan.

[Sarnie]

Evil Monkey said:

....and affordability. Deposit and credit score don't mean st if you can't afford the loan.

Not quite true though.

Affordability is easier to get around than a lack of deposit or a poor credit score

[Pulse]

Sarnie said:

Your deposit is hugely important, second only to credit score...............

Sorry, I meant will it outweigh the fact I've messed up my electoral register bit... I'll be likely looking at a 50% deposit.

[Sarnie]

Pulse said:

Sorry, I meant will it outweigh the fact I've messed up my electoral register bit... I'll be likely looking at a 50% deposit.

It won't outweigh it, as finding you on the electoral roll at your current address is a critical part of your credit score, which is the most important part of an application.

[Pulse]

Sarnie said:

It won't outweigh it, as finding you on the electoral roll at your current address is a critical part of your credit score, which is the most important part of an application.

Thanks Sarnie. I've only just done that, so would I be better waiting to apply for a DIP until a few days/weeks/months? I am planning on looking at a house in the next couple of days with a view to buy!

[Sarnie]

Pulse said:

Thanks Sarnie. I've only just done that, so would I be better waiting to apply for a DIP until a few days/weeks/months? I am planning on looking at a house in the next couple of days with a view to buy!

Without knowing the full details of the application it's impossible to say.

When you submit an application to a lender, you accrue 'points' that accumulate to a total 'score'. You gain (or lose) points for almost every piece of information you enter. You will get more points for having a strong credit score, stable employment and address history, low credit commitments etc etc. Every lender will set a threshold that needs to be achieved for them to give an accept decision.

Finding you on the Electoral Roll at your current address is an integral part of an application and will accrue you a positive amount of points. However, the points accrued from the rest of your details may be enough to get your decision to an accept on their own.

If your score is borderline then it could be the difference between a yes or a no, or not!