Change bank account before mortgage application?

Brandnewstart79

Hi all,

I have just opened a Revolut account as i work and get paid in Norway and want to take advantage of being able to transfer my wages into a UK Bank account without getting charged the earth for it.

I'm looking at applying for a mortage in the next 6 months and i have a Nationwide account which has been open for years with all my DD's coming out of it.

My question is, would it be foolish of me to close my Nationwide account now and run the Revolut account as my main bank account before i apply for a mortgage. I don't want to show any finanicial instability.

Regards

Ben8282

Looking at your posting history you are an ex bankrupt receiving a full military pension who has recently opened a UK business bank account who works and pays tax in Norway and who has a £70,000 lump sum to invest …
As you would appear to be resident in Norway, are you sure that your employment and wages will be acceptable to the lender for a UK mortgage?
I also note that 2 months ago you were declined by Santander to open the UK business bank account due to poor credit history (you state that your credit rating was not high enough). With this in mind, do you really think you will be able to get this mortgage?
As an ex-bankrupt, are you sure that this will not present any difficulties to you obtaining the mortgage. Your discharge appears to be relatively recent.
As you say you are paid into a Norwegian bank account not really sure of the purpose of the Revolut account and how it helps you transfer your wages into a UK Bank account without getting charged the earth for it as surely the Norwegian bank into which these wages are paid will charge the.same to transfer to an account with Nationwide as an account wilt Revolut ....

K80_Black

To answer the question regardless of the posters strange history, there are benefits to keeping a longstanding account open, and absolutely no benefits from closing it, especially before a mortgage application. You can have (and indeed, it's recommended to have) two current accounts with no issues. Use whichever account is easier as your 'main account' - but keep both open.

Edit: I had plenty of hateful people tell me that I would never be eligible for a mortgage because I receive disability benefits as my sole income. My approved offer from a high street bank begs to differ. There's always more going on in a person's life than someone scouring your history will know - so certainly do meet with an advisor to discuss your situation and don't become discouraged by people online.

[Deleted User]

Just keep the nationwide account

Brandnewstart79

Thank you for your very condecending reply. yesterday must not have gone your way!

Ben8282 wrote: »

Looking at your posting history you are an ex bankrupt receiving a full military pension who has recently opened a UK business bank account who works and pays tax in Norway and who has a £70,000 lump sum to invest …
As you would appear to be resident in Norway, are you sure that your employment and wages will be acceptable to the lender for a UK mortgage?
I also note that 2 months ago you were declined by Santander to open the UK business bank account due to poor credit history (you state that your credit rating was not high enough). With this in mind, do you really think you will be able to get this mortgage?
As an ex-bankrupt, are you sure that this will not present any difficulties to you obtaining the mortgage. Your discharge appears to be relatively recent.
As you say you are paid into a Norwegian bank account not really sure of the purpose of the Revolut account and how it helps you transfer your wages into a UK Bank account without getting charged the earth for it as surely the Norwegian bank into which these wages are paid will charge the.same to transfer to an account with Nationwide as an account wilt Revolut ....

Brandnewstart79

Hi and thanks for the reply. I'm meeting with an advisor when i get home to discuss, but wanted to get some info before going to see her.

I'll keep the nationwide account open until i no longer need it.

Thanks again.

K80_Black wrote: »

To answer the question regardless of the posters strange history, there are benefits to keeping a longstanding account open, and absolutely no benefits from closing it, especially before a mortgage application. You can have (and indeed, it's recommended to have) two current accounts with no issues. Use whichever account is easier as your 'main account' - but keep both open.

Edit: I had plenty of hateful people tell me that I would never be eligible for a mortgage because I receive disability benefits as my sole income. My approved offer from a high street bank begs to differ. There's always more going on in a person's life than someone scouring your history will know - so certainly do meet with an advisor to discuss your situation and don't become discouraged by people online.

Ben8282

Brandnewstart79 wrote: »

Thank you for your very condecending reply. yesterday must not have gone your way!

Thank you. Note that you don't address any of the valid points raised though. I would really like to know exactly how the Revolut account is benefiting you in the way that you claim.

Brandnewstart79

Ben,

I do not need to address anything you say as your irrelevant negative questioning of my circumstances were not welcomed.

Take care.

Ben8282 wrote: »

Thank you. Note that you don't address any of the valid points raised though. I would really like to know exactly how the Revolut account is benefiting you in the way that you claim.

Ben8282

Brandnewstart79 wrote: »

Ben,

I do not need to address anything you say as your irrelevant negative questioning of my circumstances were not welcomed.

Take care.

So you have posted your Revoult recommendation, but can't tell us how it is benefiting you in the way that you claim or give a valid reason why you prefer this account to your Nationwide account with a proper UK bank.

born_again

Brandnewstart79 wrote: »

Ben,

I do not need to address anything you say as your irrelevant negative questioning of my circumstances were not welcomed.

Take care.

But will make a lot of difference to what you are planning. Far to often relevant information is missed off and totally incorrect advice given.

Far better to keep a stable long running account to show some stability. Instead of a new account that has no history of good management.