Applying for a mortgage and opening a joint bank account?

scottishgirl87

My boyfriend and I have just had an offer accepted on our first flat :j and are about to start the process of applying for our mortgage. Now our plan is to open a joint bank account to deposit money for the mortgage and bills each month. We'd then keep our own current accounts for whatever we each have left over every month.

Just wondering though if it would be wise at this stage to open the joint account or should we wait until our mortgage is accepted/completed on the property? Don't know if it makes a difference but we both bank with the same bank anyway so will most likely open the joint account via them.

Also, if we have to wait what do we do about the account to be used to pay the mortgage as I'm assuming they will want this information with our application. Am I able to say put one of our accounts down first then change it after we have completed?

Thrugelmir

Sensible to use a joint bank account. Go ahead with your plan.

kingstreet

I'd say get the credit search out of the way before you apply. If you don't, stick one of your single account's details on the direct debit and look to change it after completion.

No applications for credit - and that includes bank accounts - between mortgage application and completion.

scottishgirl87

kingstreet wrote: »

No applications for credit - and that includes bank accounts - between mortgage application and completion.

Sorry to drag this thread up again but we have now received our mortgage offer. Should we still hold off on opening a joint account?

Don't suppose it makes any difference but our mortgage is actually going to be with the same bank as our planned joint account.

kingstreet

kingstreet wrote: »

No applications for credit - and that includes bank accounts - between mortgage application and completion.

Regardless of the lender/account issuer.

Another search on your credit file, picked up at routine audit before completion, could see your offer withdrawn.

Brazuca

The system in the UK is very silly to be honest!
How come someone applying for a bank account in the same bank could possibly have the offer withdrawn? It doesn't make any sense, since some banks even encourage people to move their bank accounts to them when you apply go to apply for a mortgage!

kingstreet

I'm not saying it will happen.

If you do not wish to increase the risk of an offer being withdrawn between offer and completion, you don't do anything unnecessary which might increase that risk.

As lenders don't share with us the secrets of the black magic credit scoring box, we can't really say what will or won't impact a routine audit.

Another credit search by that lender may make absolutely no difference. Hands up who wants to be the first to put it to the test...?

Anyone?