Mortgate application

monty0703 | 14:03 Thu 29th Jan 2009 | How it Works

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My friend has just moved into a rented flat and is maybe now thinking of buying. Will she have to live at her rented address for a period of time before applying for a mortgage?

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bednobs

no, there is no "set" time. When making a mortgage application, you have to give previous addresses that you have lived in going back over a long time anyway. A mortgage application MAY be looked on more favourable if the person had a long history of renting, but may not. Bear in mind though, she will probably have a contract of at least 6 months in the rented place (although in reality it will probably take that long to get a mortgage, find a place and buy it)

monty0703

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Thanks for that!

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