Switching bank account before mortgage application

melymoos

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!

badger09

melymoos wrote: »

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.

melymoos

badger09 wrote: »

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