Switching Current Account before mortgage application

MK86

Hi all,

I know this question has probably been asked before but I would like to switch current accounts (within the same
Bank) I currently pay for my current account but no longer need the added benefits to this account. So I would like to switch to a free account at the same bank.
I’m going to be in a possible situation in the two years where I can start to seriously consider looking into getting a mortgage. Will switching my account 2 years ahead of looking for a mortgage affect my application chances. I realise that there are other things companies look for such as credit score (mine is healthy) any debts (none) outings (low) being on the electoral roll (I am) and deposit size (aiming for £30k) . I would appreciate your help. I don’t want to chance anything over the sake of saving some extra cash by switching to a free current account.

Mortgage_Adviser

You are not switvhing account. You are simply changing account type. This will not make any affect on your mortgage application even if this was imminent and you are talking about 2 years there.

sal_III

I would advise against making such changes immediately before making a mortgage application, not because it might be viewed negatively by the Lender (it won't) but because there is a slim chance of some snafu on part of the bank resulting in bouncing payments or DDs that gets reflected negatively in your credit file. Generally it's good idea not to make any "waves" right before and during a mortgage application and then up until completion.

But you are talking about looking for a mortgage 2 years in the future - in which case what you are looking to do now is completely irrelevant - go ahead and do it.