Change bank account before mortgage?

northernfly_2

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

YorkshireBoy

Why don't you simply downgrade the account to a standard Classic account, and maintain a decent 'time with bank' for credit scoring purposes?

northernfly_2

I did think of that but their overdraft rates mean it would not be the most cost effective for me

YorkshireBoy

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!