A question about : Applying for a loan against an address you own but do not live at?
Hi
I am asking a question on behalf of my husband regarding address details when applying for a loan. He moved into my rented house three years ago. He was added to the council tax but forgot to add himself onto the electrol role.
Previously, he was living in a mortgaged property. When he moved in with me, the mortgage was changed to a buy to let and a tenant moved in.
He wants to apply for a loan to consolidate some debts. We have very recently both moved house again (also rented)
He has put his details into a loan aggregator site to find our which company would be most likely to approve him for an unsecured 8k over 3 years.
When he puts in his previous address (the one we moved out of last week, where he was not on the electrol role) it comes back as very negative.
When he puts his address down as the mortgaged property (where he has not lived for some years, but still owns), his credit rating is suddenly brilliant.
Is it legal and valid to do this?
He does snot want to apply for a secured loan against the property because it is joint mortgaged with an ex partner and she is currently living out of the country and difficult to contact.
If he applies under the mortgaged rented property, is this fraud or is it legit to do so?
Best answers:
- If it asks for current address and he willingly enters one that isn't current then it's a lie (i.e. fraud).
- I wouldnt commit fraud just to get a loan.
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