How often would moving registered address i.e. Bank, DVLA, HMRC, etc affect credit rating for mortgages?

[Trooper149]

Hi All

In short, I am a van lifer who is also a workaholic. As such, I have made and saved a fair chunk of money. This said, the people (my family) who have been administering my mail for my critical admin i.e DVLA, HMRC and Bank, have started getting pushy and trying to pressure myself to make decisions which I don't think are correct.

With this said, I am looking at a way to receive mail without being beholden to them.

With this said, I have started looking at renting a place as cheap as possible in order to receive mail. Specifically I am in touch with a series of professionals and students to see if they want to go halfers on rent. They get help with their rent, and I get my registered address without the politics. Already had quite a few call backs so its promising.

This said, my only concern with renting is how it could affect my credit rating with regards to changing addresses:
-how often would one have to change address for it to affect credit rating
-what would be considered a large number of times to move address per year?
-provided I am earning and saving alot of money, and got a large sum in the bank as well as earning consistent amounts each month, would this negate such as problem?
-I'd be looking to rent for another 1-2 years before going for a mortgage. How long does it take for credit rating to heal if say I ended up changing addresses 3 times in 6 months (a particularly turbulent scenario).

Appreciate any advice guys

 

[JEREMY HAWKE]

I am a van lifer

Thats one way of putting it ??

 

[Ozzy]

I don’t believe moving house would affect your credit rating.

 

[johndon68]

If you are moving that often would the possibility of your address not matching the electoral role be a potential issue?

John

 

[MOIC]

Royal Mail offer a redirect service which may solve your problem.

https://www.royalmail.com/personal/receiving-mail/redirection

 

[Bob Morgan]

If you are moving that often would the possibility of your address not matching the electoral role be a potential issue?

John

There could be a valid reason for NOT being on the Electoral Roll - Such as being disenfranchised due to a long period outside of the UK.

 

[Argentum Tax]

Royal Mail offer a redirect service which may solve your problem.

The problem with the Royal Mail redirection service, as far as the OP is concerned, is that one of the conditions is that you must have been resident at the old address in the 6 months preceding the redirection application. This is enforced by the stipulation that the credit card used for payment must be registered at the old or new address. Even if the card is registered at the old or new address I suspect the OP will have only been resident in his/her van during the six months.

 

[MOIC]

I think that's for online registration if paying by credit card. You can go to the local Post Office and register there, as long as the credit card address is at the old (or new) address.

I may be wrong.

 

[bodgitt&scarperLTD]

@tony84

 

[Mark T Jones]

The answer to your question is that there is no answer.

Credit are basically algorithms set by the individual organisation, and are subject to change without notice

Credit rating is rather more generic, and is basically down to the individuals opinion.

For context, in the world of term lending would raise flags around your potential to disappear on a whim, which will be less important to someone offering 30 day terms

 

[tony84]

I will answer your questions, but before I do I think it might be worthwhile just giving a bit of info...

There are mortgage lenders for all sorts of weird and wonderful scenarios. In 11 years I thought I had seen everything but I have just had to google van lifer. Not the same, but similar, we have done mortgages for people who have recently moved to the country. We had to evidence a UK address and a single line of credit (eg a mobile phone, utility bill etc).

In this scenario it might result in rates being a little higher - but not massively more, maybe 0.5% higher than the cheapest products at the time.

Moving addresses all the time does not knock points of your credit score, but it probably will prevent you building up a decent credit score. Also you are potentially opening yourself up to fraud. Someone moves in after you and uses your documents, I have seen this a lot over the years.

There are however lenders who do not credit score - specialist lenders and little building societies. So providing you fit criteria etc it does not matter too much about your address history so long as you satisfy the lenders requirements.

Can you not just register everything at a friend or family members? Its not exactly a problem having a box for your post for you to collect however often you want to collect it. How much post do people get now a days anyway? Our utility bills and bank statements are online. I get an annual bank statement, insurance paperwork and mortgage statement. I think thats it.


-how often would one have to change address for it to affect credit rating - There is not a definitive answer to this. I think I have answered it above.
-what would be considered a large number of times to move address per year? Most lenders want a 3 year address history. Its not uncommon to see 3 address in that time. The most I have seen is 5 from memory.
-provided I am earning and saving alot of money, and got a large sum in the bank as well as earning consistent amounts each month, would this negate such as problem? It depends on the the lender. It may help. But I have seen people with 80% deposits who cant get a mortgage.
-I'd be looking to rent for another 1-2 years before going for a mortgage. How long does it take for credit rating to heal if say I ended up changing addresses 3 times in 6 months (a particularly turbulent scenario). I think i answered above.

 

[Talay]

In truth, you need somewhere, that you are on the electoral roll.

Pick somewhere you can register for some time,.