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Bank account switch
dazed007
Posts: 9 Forumite
Hello,
My partner and I have a joint account that we pay into each month and currently use for rent/bills etc, whilst shopping around for a mortgage we noticed we could save some money by switching to a 'awards' account with a new bank and downgrading our current individual 'awards' accounts (we pay £20 each at the moment and can get a more suitable package for £10 total).
My hesitation is that we have a mortgage application form to send off (affordability and DIP already completed) and would be using the new joint account for direct debits. I'm not quite sure what the approval process is for mortgages but am concerned switching our joint account now may cause issues as there will be no history as the old account will be closed.
Anyone have any experience with this? If there is any doubt we will keep our accounts as they are until the application process is complete.
My partner and I have a joint account that we pay into each month and currently use for rent/bills etc, whilst shopping around for a mortgage we noticed we could save some money by switching to a 'awards' account with a new bank and downgrading our current individual 'awards' accounts (we pay £20 each at the moment and can get a more suitable package for £10 total).
My hesitation is that we have a mortgage application form to send off (affordability and DIP already completed) and would be using the new joint account for direct debits. I'm not quite sure what the approval process is for mortgages but am concerned switching our joint account now may cause issues as there will be no history as the old account will be closed.
Anyone have any experience with this? If there is any doubt we will keep our accounts as they are until the application process is complete.
0
Comments
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Whats the rush? Why jeopardise your mortgage for the sake of a month or so even if its just a small chance it will do so?0
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Whilst it shouldn't have a huge impact personally I wouldn't take the risk if there's even a 1% chance it could jeopardise the application.I am a Mortgage BrokerYou should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.
This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Thanks both, I'll put it off for now.0
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