Multiple accounts when house buying, good or bad?

[Deleted User]

Hi guys, just after some thoughts..

When I bought my first house in 09 I had one current account, one ISA & one credit card so all very simple.

Now I am looking to move onto a new property at the end of this year and I have five current accounts (FD for every day, Halifax for £5, TSB for 5%, Lloyds for 4% & Nationwide for 5%) so my DDs are split over three accounts and four of the five are used for savings.

I have 2 credit cards (one AMEX for everyday spending and one MC for the annual Car ins & tax and home insurance.

With six - seven months to go until I'll have my desired deposit amount should I start consolidating everything back down?

I'm thinking of this as I am assuming it would be simpler for potential mortgage providers to understand my finances and see consistency through one account?

lewishardwick

I had a long long list of credit cards, loans and current accounts. All in the black for over three years and no defaults etc.

Mortgage Advisers didn't bat an eyelid.

HouseBuyer77

I had two current accounts and one credit card when I applied for my mortgage. Salary went into first account, some moved to second account. Bills/credit card bill came out of second. I also had the added complication that the rent for the house I was in at the time came out of my account but multiple people contributed towards it ditto shared bills (so large amounts of money coming in that wasn't my income).

I simply made copies of all relevant statements and wrote a brief note that explained the basic setup and then underlined all the large transactions and gave them a number. For each number I explained what is was for, referencing others where required. E.g. I would say things like number 2 account A was rent payment coming out, number 3, 4 account B were housemate's payments coming in. Number 5 account A was transfer to B (Number 7 in .

Sent this all off to the lender, got asked no questions and mortgage approved.

So probably not a big worry, especially as it sounds like most of your day to day stuff will be running out of one or two accounts.

Brightspark87

Hi I have 3 current accounts and 3 credit cards - no one seemed to care! As long as I showed where my salary went into and how I paid for things that was the main point

beth111

I had 6 accounts and 2 creditcards. didnt seem to worry them

dc197

I had loads of savings accounts, about which they did not care.
But my lender wanted to see statements from all my current accounts, even those that are not used.
So having multiple current accounts was not a problem, so long as you can show statements for them.

My advice: turn on paper statements for all your accounts NOW. Some lenders won't accept PDF bank statements.

zzzt

I have three current accounts, four savings accounts, and a credit card. When my salary comes in I shift money between the current accounts to hit their criteria for interest. I make all my purchases on one of the current accounts that gives cashback, but my direct debits come out of another one, and I also make many purchases on the credit card.

Nobody at all batted an eyelid at this arrangement. The only thing that mattered was salary, and monthly outgoings on bills and expenses. So long as I could show where my money was and where it was going, they didn't care that I had loads of accounts.

[Deleted User]

Oh that all sounds pretty promising to me.

I shall leave it all as it is then.

Thanks for the responses guys.

ellie27

Between both of us there were 4 or 5 current accts and 2 ISA's

At one point we had to show proof of money in these to our solicitor a week or so before signing papers and we did put all the money into 1 account the week before the money was actually needed.