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Applying for mortgage after opening joint account

Hi,
We have just received various bit of paperwork to apply for a mortgage. They are asking for bank details in order to potentially setup direct debit if successful.

Me and my partner want a joint bank account for mortgage payments etc.

We are thinking of applying for the joint account now and supplying mortgage company with those details.

Will applying for a joint account affect out mortgage chances, I.e searches on our record. Does the bank run a search on us both? Would anybody wait to apply for joint account?

Thanks

Comments

  • HappyMJ
    HappyMJ Posts: 21,115 Forumite
    10,000 Posts Combo Breaker
    Personally, if you are making payment to an account for a direct debit to be taken then you are wasting money. You should pay your money directly into the mortgage account the day after you are paid and by standing order to save interest and be in control of the payments rather than let them take it by direct debit. The earlier the payment is credited to the mortgage then the less interest is charged.

    I'd set up the bills so they come out of one of your current accounts and the other person transfers half the amount of the bills into that person's account.

    I'm assuming you both work earning equal amounts.
    :footie:
    :p Regular savers earn 6% interest (HSBC, First Direct, M&S) :p Loans cost 2.9% per year (Nationwide) = FREE money. :p
  • englandcrew
    englandcrew Posts: 155 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    Thank you for the reply. I shall take your advice for the mortgage but we will still open a joint account for bills etc.

    Does anybody know if it will affect our chances and will it leave a search on our history?
  • FrankLC
    FrankLC Posts: 10 Forumite
    HappyMJ - can you clarify what you mean with the standing order v DD thing?

    I ask as we are about to complete on our first mortgage with Northern Rock and they asked for DD info before they would offer.

    englandcrew - we opened a joint account just after applying for the mortgage and as it was with my bank they didn't credit check me and they said it was only a soft print on bfs file since we were only looking for a basic account with no overdraft etc.
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