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Switching bank account before mortgage application
melymoos
Posts: 42 Forumite
Hi guys, not sure if this is the best place to post this, so sorry if it isn't!
My partner and I are hoping to be applying for a mortgage in the near future, we have a few other things we need to sort first, but I'm hoping it will be in the next 12 months.
Obviously we are trying to get all our financial ducks in a row first and eliminate as much of the short term debt that we have that we can.
When looking at the switching banks for a bonus schemes, a nice £100 or so bonus would be very handy to go towards this, but would switching banks at this point affect my credit score or make me look less attractive to a lender?
Any advice welcome, thank you!
My partner and I are hoping to be applying for a mortgage in the near future, we have a few other things we need to sort first, but I'm hoping it will be in the next 12 months.
Obviously we are trying to get all our financial ducks in a row first and eliminate as much of the short term debt that we have that we can.
When looking at the switching banks for a bonus schemes, a nice £100 or so bonus would be very handy to go towards this, but would switching banks at this point affect my credit score or make me look less attractive to a lender?
Any advice welcome, thank you!
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Comments
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Hi guys, not sure if this is the best place to post this, so sorry if it isn't!
My partner and I are hoping to be applying for a mortgage in the near future, we have a few other things we need to sort first, but I'm hoping it will be in the next 12 months.
Obviously we are trying to get all our financial ducks in a row first and eliminate as much of the short term debt that we have that we can.
When looking at the switching banks for a bonus schemes, a nice £100 or so bonus would be very handy to go towards this, but would switching banks at this point affect my credit score or make me look less attractive to a lender?
Any advice welcome, thank you!
Consensus is that mortgage lenders like to see 'stability', so hang onto an account which you've held for a number of years. You can always open another account for switching purposes.
However, I would stop applying for new accounts within 6 months of your mortgage application. Also, don't apply for any overdrafts on new accounts.0 -
Consensus is that mortgage lenders like to see 'stability', so hang onto an account which you've held for a number of years. You can always open another account for switching purposes.
However, I would stop applying for new accounts within 6 months of your mortgage application. Also, don't apply for any overdrafts on new accounts.
Thank you
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