Changing banks too often hindering mortgage application?

chrislee765

Hi All,

Me and my partner are first time buyers with £29,000 deposit and looking at properties for £170,000 (83% LTV).

We were going to go direct to Nationwide for a mortgage (5yr fixed at 4.99%, £299 fee and £1000 cashback). To qualify for their cashback if you didn't have a current account with them, you could apply for a current account transfer (I bank with Natwest). So last week I applied for my bank account to be transferred to qualify.

Well this morning they pulled the plug on the offer. After some advice from Dave Ham on here about another mortgage from Nationwide, we have started to look elsewhere.


We have found a mortgage at the Co-op (5yrs fixed at 4.39%, £999 fee).

Now here's the tricky bit, if you take out a current account switch with the co-op and pay your wages in and your mortgage out of this account, you qualify for the mortgage (5yrs fixed at 3.99% with no fee).

Now I'm in the middle of a current account transfer that I don't want.
Would I be correct in saying that if I keep opening current accounts that it could hinder my credit rating? I know I'm wrestling for the best deal but am cautious that I could end up not being able to get a mortgage at all.

Thanks so much.
Chris & Alice.

sheilds

Hi there,

Go to see a "whole of market" broker who will be best placed to match your circumstances to the best deal .
As you have found out changing over your account does not guarantee that you will get a mortgage and may not help your credit history but a good broker will know the best choice for you.

Good luck.