Mortgage App- Current Account advice?!

Socks77

Hi,

I have been saving for a deposit as a first time buyer.

Whilst saving, I've been boosted the amount by spreading my savings across 5 current accounts that offered decent(ish) rates of interest up to a certain amount (e.g nationwide 5% up to £2500, Bank of Scotland 2% on £5k etc etc)

I then moved a fair chunk of the money across to a hep to buy LISA to get the government 25% bonus, leaving me with 5 current accounts with a bit of cash in each.

The question is, during the application process, what would the mortgage provider prefer to see:

a) five current accounts with a small amount of cash in each, but evidence of direct debits / spend history etc.
b) merge all the money into one account with the remaining balances but showing limited spend history and close the other 4.

We've just had an offer accepted on a house so will be applying for mortgages in the coming weeks.

Any help would be appreciated.

Cheers

HampshireH

The advice from my broker was not to merge my 5 accounts (I've done what you did ) until an offer was made. (Still waiting)

No idea if this is standard advice or not.

amnblog

The Broker wants to see it as it is now.

On no Account start moving funds around because you think it might be better for the mortgage application.

The source of the funds needs to be evidenced. You can do that where they are (put together 3 months statements from each account)

Move them and the only effect is that the movement will need to be cross referenced and documented.