advice- credit rating

morgagequestion

Hi
I am thinking of moving fromrented accomodation and getting a morgage, saving for a deposit, over the next 6-8months.

I have opened a few bank accounts over the past year - currently I have a halifax rewards for the fiver, a nationwide for the 5% interest,etc etc.

all these accounts have a minimum pay-in monthly, you know the deal: wage comes in on the 20th, then £1000 shuttles between all the accounts (think it's between 4 accounts now). Final transfer is back to my "main" current account. I pays my rent, keeps a bit of spending money, the rest is shoved in a savings account.

Question 1) does this look suspicious...? I heard if I apply for a morgage they want 3 months of bank statements. I presume this is my main current account? is this a normal pattern of transfers or could they refuse because of it?

question 2) I am thinking of getting the £100 offer from halifax by "switching" an account. I was going to open a current account with, eg. natwest, set up 2 DD, stick in a tenner, then tell them to "switch and close" it. so I don't get messed around with my actual current account. again - will this look fishy on the morgage application??

and, if it does look fishy - what should i do...? keep the transfers separate from that current account? I have enough of a "buffer" to do this (ie normal spending from the current account, then have a spare £1000 in its own 'loop'). or do i have to submit 3 months of paperwork for all the accounts i hold?


thanks for the advice:)

morgagequestion

no takers? (is this the right forum to ask this question?)

ACG

It probably doesnt look dodgy as it can be easily explained, but i cant see an underwriter wanting to sit and look through 4 or 5 bank accounts.

I think the simplest thing to do is stop it, be "normal" and give any lenders less reasons to ask questions and delve into things.

clippy_girl

i just applied with first direct and they wanted 3 months statements from all 3 of my accounts so they may well as you for all of them

witchy1066

we had to submit 3 months for all our accounts (5) I don't think its unusual to have more than a couple of accounts
Our broker didn't seem to think it was unusual or a problem
but it might be wise to check it out with a broker now
then you will have plenty of time to sort your accounts to suit whichever lender will be best for you

morgagequestion

hmmm, ok thanks for the replies think i will speak to a broker, get a heads up