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Change bank account before mortgage?
northernfly_2
Posts: 43 Forumite
Hey
Found MSE really useful in paying off all my debt and now starting to look at where I spend money on things that I don't need.
I currently have the £25 per month Lloyds Premier account and have phone insurance and home emergency cover on my home insurance, know that I can check my credit file for £2 etc so know that I don't really need this account.
I do use my overdraft for about 4/5 days a month and will need travel insurance (which I will buy separately)
Anyway the question that I have is is it best to wait until after we remortgage to make a big change to my current account or is it fine to do before (have been with Lloyds 20 years and wondered if having a good banking history with them helps with mortgage applications)
Sorry if this is a really simple question or answered elsewhere. Thanks for any help
Found MSE really useful in paying off all my debt and now starting to look at where I spend money on things that I don't need.
I currently have the £25 per month Lloyds Premier account and have phone insurance and home emergency cover on my home insurance, know that I can check my credit file for £2 etc so know that I don't really need this account.
I do use my overdraft for about 4/5 days a month and will need travel insurance (which I will buy separately)
Anyway the question that I have is is it best to wait until after we remortgage to make a big change to my current account or is it fine to do before (have been with Lloyds 20 years and wondered if having a good banking history with them helps with mortgage applications)
Sorry if this is a really simple question or answered elsewhere. Thanks for any help
Overdraft (0%interest)- [strike]£1100[/strike][STRIKE] £100[/STRIKE] [STRIKE]£60[/STRIKE]
Bank Loan (7% interest) [strike]£6107 [/strike][STRIKE]£2368[/STRIKE][STRIKE] £1490 [/STRIKE]
Bank Loan (7% interest) [strike]£6107 [/strike][STRIKE]£2368[/STRIKE][STRIKE] £1490 [/STRIKE]
Mastercard (0% interest)- [strike]£4063[/strike][STRIKE]£2900[/STRIKE] £0!!!!!
:rotfl::rotfl::rotfl::rotfl::rotfl:
DF Roll of Honour #659:rotfl::rotfl::rotfl::rotfl::rotfl:
0
Comments
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Why don't you simply downgrade the account to a standard Classic account, and maintain a decent 'time with bank' for credit scoring purposes?0
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I did think of that but their overdraft rates mean it would not be the most cost effective for me
Overdraft (0%interest)- [strike]£1100[/strike][STRIKE] £100[/STRIKE] [STRIKE]£60[/STRIKE]
Bank Loan (7% interest) [strike]£6107 [/strike][STRIKE]£2368[/STRIKE][STRIKE] £1490 [/STRIKE]Mastercard (0% interest)- [strike]£4063[/strike][STRIKE]£2900[/STRIKE] £0!!!!!DF Roll of Honour #659
:rotfl::rotfl::rotfl::rotfl::rotfl:0 -
Downgrade now, and switch away after the re-mortgage then?
How much is the overdraft costing you each month?...can't be as much as the £25 fee for features you don't need/use!0
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