How the electoral roll can help you get a mortgage

Friday, 18th October, 2013

I don’t know what it is about that letter that arrives on my doorstep every year. You know the one – the electoral roll registration form.

Maybe it’s the officialness of it all. Maybe it’s the fact that it makes me realise that I’m just a name and a number and under the watchful eye of my local authority. Or maybe it just represents the last days of sunshine, the nights closing in and the fact that autumn is very much here to stay.

I’m sure I’m not alone on this, however as an independent mortgage adviser and someone whose role it is to help people find a mortgage, it’s worth pointing out that this form can actually boost your credit rating.

Firstly, credit scoring is a useful tool that helps lenders determine whether or not you fit their criteria and, more importantly, whether or not you are a safe bet. Of course it also has its drawbacks, too, which are mainly attributable to the fact that the analysis is automated and doesn’t take into account a number of variables that a face-to-face discussion would.

Still, there’s no way around it. If you are planning on applying for a mortgage then you will be credit checked and the results will determine whether or not you can arrange a mortgage. So, what can you do in advance to ensure that you’re well equipped?

Simple. Make sure that you are on the electoral roll. This forms part of the basic check and confirms to lenders that you are living where you say that you are living. Funnily enough it plays a huge role in credit scoring but it’s one that most people, who often associate credit scoring with credit card history, overlook.

It is free to register on the electoral roll and is the place to do it. Any financial institution is always more likely to lend to someone if that person can demonstrate stability, which is why living at the same address for an extended period of time (a few years) will also be in your favour. So, even if finding a mortgage isn’t something you’re planning on doing right now and you’re not on the electoral roll, then I strongly advise you to think long-term and tick this one off the box as soon as you can.

More importantly, ensuring that you are on the electoral roll is one of the easiest things you can do when it comes to boosting your rating – and something that is, to a degree, within your control.

My advice to you is if you’re looking for a mortgage and not on the electoral roll – get on it. And, if you’re like me and feel a slight pang of sadness when the electoral roll form pops through your letterbox, get over it. It could be one of those things that ultimately helps you buy your dream property.

If you are looking to secure a mortgage, not on the electoral roll and concerned that you might be rejected, then we can help. Simply get in touch with the Complete Mortgages team on 01483 233014 or email to find out how and arrange a free mortgage consultation.

By Mark Finnegan, Director at Complete Mortgages