Opening a joint account while having a mortgage offer

cn22 · 8 May 2019 at 3:50PM

Me and my partner currently have a mortgage offer on a new build that is estimated to be ready for the end of June (although we think this is highly unlikely) and we are wanting to open a joint account to get used to having all our bills going from one account and having an idea of how much we will have to spare each month. Are we able to apply for a joint account now or will it affect our mortgage offer?

Viki2410 · 8 May 2019 at 3:55PM

Speak to your lender. We had the same question as you, and as it happens we were not looking for an overdraft facility, so not applying for credit. We spoke to our Lender who confirmed to us that it was fine for us to open the Joint Account and apply for the overdraft facility if needed (our affordability was good)

They will be the only ones who can tell you what it will affect, just make sure you have it in writing from them.

cn22 · 8 May 2019 at 4:04PM

Thank you, I've already tried this.... spoke to our broker who advised us against it so then I called our lender who said it shouldn't be a problem as they have already issued the mortgage offer. I said I had spoken to our broker who had advised against it as they do a final credit check when everything is completed so avoid any changes to which the lender said it "shouldn't" be a problem but then wouldn't let me have it in writing ???? So frustrating

Viki2410 · 8 May 2019 at 4:12PM

Hmm for me personally then I wouldn't risk it. Our Broker said it should be fine and then we got it in writing from the Lender otherwise we would have waited.

In fairness you can open an account pretty quickly these days so you should be fine to do so after you complete. We only proceeded as we had confirmation from them it wouldn't affect anything.

There are a few horror stories on here of Lenders pulling the offers just before completion because people's credit situation has changed, so for me, I wouldn't risk it, but it is your call.

Autumnleaves15 · 8 May 2019 at 4:43PM

Following as we've also submitted a mortgage application and we're waiting to find out the outcome. Until now we kept finances separate but would like a joint account for all bills.

I will probably hold off for a while to make sure everything goes through.