is it safe to switch from the bank who approved your mortgage

manishrana

HI to all,
here is my story .

I bank with halifax for ages now ..its my only bank where i use it for all my direct debits and credit card.
Halifax has recently approved my mortgage given me the offer letter , I will b exchanging and compeleting in end of march .
I recenty came accorss that nationwide flex direct is giving me better deal in currecnt account and also £100 for switching from halifax.
My worry is, if I switch my current account from halifax to nationwide now.. it might !!!! Halifax off:mad: ? and they may cancel my mortage offer ..or will it have any effect on my mortgage offer from halifax ?. Or shall i wait untill halifax has paid money to my solicitor ?
i will really appreciate if any one can help me out ..thanks

dealer_wins

I would wait until completion, there are always switcher offers floating about!!

Alexland

I wouldn't switch at this point until after you have seen the first direct debit collection of the mortgage payment. Sometimes having a main account with the mortgage lender gets you access to preferential rates both now and on deal renewal.

There is no harm opening the FlexDirect now if you have £2500 to deposit at 5% as you can always switch later for the incentive.

mark55man

That last point is very interesting Alexland. At the risk of being cheeky to you have a link confirming that, as that would solve a problem I have of a few K resting in my account until its needed for a refurb project in the summer. I did have a quick look but it wasnt clear

I know the Nationwide deal has been on ages so OP shouldn't worry about it going soon

cjv

The safest thing to do is make no credit applications prior to completion, including applying for current accounts.

Alexland

If you read the terms for the refer a friend switch offer they do not say that a new account is required. My wife referred me to switch into an existing Nationwide account and they still paid the bonus as I had not switched to them before. Still future offer terms may be different.

mark55man

Alexland wrote: »

If you read the terms for the refer a friend switch offer they do not say that a new account is required. My wife referred me to switch into an existing Nationwide account and they still paid the bonus as I had not switched to them before. Still future offer terms may be different.

Thank you that's just the exact post I wanted to see.

badger09

cjv wrote: »

The safest thing to do is make no credit applications prior to completion, including applying for current accounts.

This ^^^^

Wait until house purchase has completed.

Even then, I wouldn't switch my long term account as lenders eg credit cards, like to see stability. Instead, open another account and use that for switching incentive(s)

manishrana

Good point everyone..so the verditct is to stay put and wait until the completion ..
thanks everyone