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Does switching utility providers affect mortgage applications?
Broke101
Posts: 1 Newbie
Hi,
We are planning on applying for a mortgage in January, however looking through our outgoings can see that we are paying over the odds for gas/electrics/phone and broadband. We would like to switch providers but have read that changing providers may affect the chances of the mortgage application being accepted.
Is this correct? I’ve often seen advice to switch providers for the best rate but not heard that this can damage your credit rating when applying for a mortgage before.
Thanks
We are planning on applying for a mortgage in January, however looking through our outgoings can see that we are paying over the odds for gas/electrics/phone and broadband. We would like to switch providers but have read that changing providers may affect the chances of the mortgage application being accepted.
Is this correct? I’ve often seen advice to switch providers for the best rate but not heard that this can damage your credit rating when applying for a mortgage before.
Thanks
0
Comments
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Are you planning to buy property or remortgage? If you're planning to move, changing energy providers may not be good idea, because you will sign new contract with fixed period and fee to leave early.
And no, it doesn't affect mortgage.0 -
Is a hard credit search going to be done?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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