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Close down accounts no longer in use during the mortgage applicaiton

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Hi,

I have read on the MSE guide today that you should close down any accounts that you no longer use. I am currently going through mortgage application with Nationawide.

I have two accounts which are not in use.
- Current account, Its dormant. It has about £500. balance.
- Credit card account. Not dormant but haven't used it in a while.

I was wondering is it advisable to close down account when the application is under process?

Thanks

Comments

  • Noobie2011
    Noobie2011 Posts: 292 Forumite
    Part of the Furniture Combo Breaker
    ric1982 wrote: »
    Hi,

    I have read on the MSE guide today that you should close down any accounts that you no longer use. I am currently going through mortgage application with Nationawide.

    I have two accounts which are not in use.
    - Current account, Its dormant. It has about £500. balance.
    - Credit card account. Not dormant but haven't used it in a while.

    I was wondering is it advisable to close down account when the application is under process?

    Thanks

    My advice would be if you have been accepted on an AIP or past that point then do nothing as your credit utilisation is a factor in determining your application. So where as you may think it is a good idea to close accounts it could effect things.

    We have paid a load of debt off and once accepted we said to our broker we are not changing anything now and will wait until after completion before closing the accounts
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Leave your accounts as they are.
  • ric1982
    ric1982 Posts: 235 Forumite
    Ninth Anniversary 100 Posts Name Dropper Combo Breaker
    Thanks that seems good advise and is my thinking. However my MA has said you can close down account during the application. It doesn't effect the application!

    Any MA here can put some light on it?
  • Noobie2011
    Noobie2011 Posts: 292 Forumite
    Part of the Furniture Combo Breaker
    ric1982 wrote: »
    Thanks that seems good advise and is my thinking. However my MA has said you can close down account during the application. It doesn't effect the application!

    Any MA here can put some light on it?

    It is like navigating the Matrix with these applications and when relying on systems not even the Lenders own MA's can tell you 100%.

    The easy way to look at it is if you do not close them until after completion then everything stays as is. Basically if it is not going to make your application process any easier then leave it :)
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