Getting a joint account

Evangelion

Hello,

Myself and my partner are purchasing a house, we've just exchanged and are due to complete once it's finished (it's a new build) towards the end of June.

We wanted to get a joint account set up, but after looking around felt it was a bad idea to have more searches on our credit files until the mortgage and everything had gone through.

Now we've exchanged, would we be safe to proceed with opening an account? Or should we wait until we complete?

Tixy

Generally it is advised to not have any credit searches on your file until after you complete.

I would hold off.

Experian_company_representative

Hi Evangelion.

If you decide to make applications for a joint account then the searches, and the new account could be seen as negative information by lenders searching your report, who generally prefer to see established accounts.

Our Credit Caf! video covers the affect of becoming financially associated to another person on your credit report here, which you may find useful.

I certainly wish you the best when you make your mortgage application!

Kind regards
Neil

Evangelion

To be clear, the mortgage application is done, we have exchanged contracts, therefore we have signed the mortgage and the lender gave ATE, there won't be another application.

Tixy

The lender will likely do another search before completion.
It is not totally unknown for a mortgage lender to revoke a mortgage after exchange on performing a later search.
Unlikely certainly, but probably not worth the risk when you don't need to take it.