Savings account effect on mortgage application?

tomocat3

Apparently you shouldn't open a current account 3-6 months before applying for a mortgage. But what about savings account? Do they show up on any sort of credit check?



I'm thinking about opening 2 regular savings to take advantage of the higher interest rates they offer. They both have a min/max limits on how much can be deposited per month.

thermal2844

We also opened new savings accounts not long before our mortgage. The only thing they cared about regarding banks etc was how long we've had the longest account open for, obviously the longer the better. As to the type and quantity /shrug, doesn't matter from our experience. So don't shut down your current bank account and switch to a new one, for example, but opening additional accounts doesn't matter.



After having just gone through the mortgage process ourselves for the first time, the amount of things we worried about that were completely inconsequential is mind boggling. Just conduct your business in a sensible manner as you would normally. Obviously don't take out any new debt, but I'm sure that goes without saying.



Here's the gist of what they care about:


How much do you earn

How much do you have in debt
How much do you spend that you absolutely could not do without

tomocat3

out of interest, where mortgage providers did you apply for?

thermal2844

Halifax. We went direct after having first spoken to a broker who told us we were two square pegs in a round hole and was not optimistic about our chances, but said he would get back to us after broaching various lenders. Never heard back from him. Decided to go direct and had no issues with Halifax accepting us.