Will opening a new current account make it harder to get mortgage?

bitsandpieces

Buying a flat is taking longer than expected. It would make sense for me to open a Santandar 123 account to stick my deposit in. I don't want to hurt my credit rating when it comes to getting a mortgage, though. Am I worrying about nothing here?

ACG

Its not worth risking it.

If your bank asks for more statements down the line it could cause more problems than the few quid you will gain. Likewise another credit check is never a good thing.

adindas

bitsandpieces wrote: »

Buying a flat is taking longer than expected. It would make sense for me to open a Santandar 123 account to stick my deposit in. I don't want to hurt my credit rating when it comes to getting a mortgage, though. Am I worrying about nothing here?

Anytime you open a new current account there will be a credit search.
So there will be a small impact come from the credit search but this will be reduced with time......

mikeyscott

I spoke to my bank re this and due to being an existing customer their wouldn't be searches. I basically want to collapse two accounts at HSBC into an extra account at FD

Vampgirl

bitsandpieces wrote: »

Buying a flat is taking longer than expected. It would make sense for me to open a Santandar 123 account to stick my deposit in. I don't want to hurt my credit rating when it comes to getting a mortgage, though. Am I worrying about nothing here?

We had exactly the same dilemma - its really frustrating when you know you are missing out on earning interest. But we took the view that its just not worth risking the mortgage for the sake of a few hundred pounds of interest. It sounds silly to say that a "few hundred pounds" is not important...but you have to look at the greater picture.

But I would think that it really depends on what stage you are at - have you applied for the mortgage already?