Current account switch affect mortgage application?

Ashan55

I have been banking with Natwest for 14 years (from when I was a student). I have been thinking of changing bank accounts (to Nationwide) and was wondering if this effects my credit score? and will it look bad if I was to apply for a mortgage in November 2015? (gives me over 6 months banking with new provider?)

lee111s

Won't be an issue I doubt.

I've been a bit of a current account tart to get the various benefits over the past 9 months and have had a remortgage accepted with no issues.

kingstreet

If you are thinking of your Experian or Equifax nonsense score, forget it. They are a waste of time and money.

Now, in terms of possible issues from a new bank account. The credit search will still be visible on your credit file as they remain there for upto twelve months.

This is probably of negligible impact.

Some lenders ask for details of your current account and how long it has been open. I suspect such lenders give extra points on their scorecard the longer the account has been open.

This may make absolutely no difference to most cases, but if a low-scorer needs a few extra points to get across the finishing line, this may be the difference between a pass and a fail; so worth careful consideration, particular to future readers of this thread, perhaps more than the OP.