Changing bank account between exchange and completion

MrBertie

Hi,


Wife and I are about to exchange on a new build property with a estimated completion date of June 2019.


We are looking to simplify our finances by turning my Santander 123 current account into a joint where our wages will be paid into and a mortgage payments and bills will come out of. (Currently, rent and bills come out of my account after she transfers the appropriate amount each month).


Does any one know if this will affect our mortgage offer in that the lender (also Santander) will see this as a change of circumstance? The account has no overdraft so we are not looking to take out any further credit. Or should we just wait until completion before changing things?


Apologies if a silly question but we are trying to get ourselves organised but at the same time don't want to affect the mortgage offer.


Thanks in advance

ACG

This sort of question comes up periodically on here.
It will involve a credit check. It is just not worth the risk in my opinion.

MrBertie

Thank you,


Just so I am clear -


a credit check for the joint account will leave a footprint and that is where the risk is?

Exodi

MrBertie wrote: »

Thank you,


Just so I am clear -


a credit check for the joint account will leave a footprint and that is where the risk is?

Correct, it is minor but is it worth the risk for the sake of a few weeks?

MrBertie

That makes sense and was the sort of advice we were looking for.


Thank you both.

kingstreet

Leave it until after completion.

Let your first payment go out, then make the change.