Switching banks for Mortgage deals

amen2630

Hi Everyone i really find this site useful and information very handy. As you making that first step to getting a mortgage seems like a mindfield with so much information to consume and process.

How does one go about switching banks if you source a good mortagage deal with another bank? would i have to switch my current account to this bank? would the new bank just accept me as new customer or would i have to fullfil some criteria first before being able to switch? Do i keep my exisiting account with current bank? I hope this makes sense?

Many thanks look foward to your responses.:T

nick_

I think in short, it depends on the bank. For example, I had a meeting with RBS regarding FTB mortgages and to qualify for some of their deals (in fact at the time all of their 85% deals) you had to have had a bank account with them for at least 3 months prior to the application.

I would assume that a condition of gaining a deal will be that you have to have your salary or a certain amount of your income paid into the account on a monthly basis - again, this was the case with RBS. The problem with this is that the deals could have gone after the 3 month period!

Appreciate that isn't a very definite answer but you can probably see how each bank differs in their policy.

Babiesmummy_2

We have recently moved our bank account to First Direct (from RBS) and applied for a remortgage we have only had 2 months worth of wages paid into the account and are pretty close to completing our remortgage and had no problems at all.