Bank Switch close to remortgage

theblondeone44

Hiya, 

Our current mortgage deal comes to an end at the end of October so will be looking to remortgage in the near future. 

Barclays currently have a bank switch offer for a limited time which I’d like to make use of, however I don’t want it to jeopardise our new mortgage deal. I already have another account set up to switch so we don’t use our main account. 

Will making use of the switch bonus this close to the remortgage affect anything? My credit score is currently excellent. 

Thanks!  

eskbanker

Switching in itself doesn't make any difference, but if you don't already have the new account set up then you'll need to go through the application process, which will entail a credit check that'll be visible to a lender - one such check is unlikely to affect anything though, unless there are already credit-related issues....

Middle_of_the_Road

theblondeone44 said:

Hiya, 

Our current mortgage deal comes to an end at the end of October so will be looking to remortgage in the near future. 

Barclays currently have a bank switch offer for a limited time which I’d like to make use of, however I don’t want it to jeopardise our new mortgage deal. I already have another account set up to switch so we don’t use our main account. 

Will making use of the switch bonus this close to the remortgage affect anything? My credit score is currently excellent. 

Thanks!  

eskbanker said:

Switching in itself doesn't make any difference, but if you don't already have the new account set up then you'll need to go through the application process, which will entail a credit check that'll be visible to a lender - one such check is unlikely to affect anything though, unless there are already credit-related issues....

OP has a new account setup for switching.

eskbanker

Middle_of_the_Road said:

theblondeone44 said:

Hiya, 

Our current mortgage deal comes to an end at the end of October so will be looking to remortgage in the near future. 

Barclays currently have a bank switch offer for a limited time which I’d like to make use of, however I don’t want it to jeopardise our new mortgage deal. I already have another account set up to switch so we don’t use our main account. 

Will making use of the switch bonus this close to the remortgage affect anything? My credit score is currently excellent. 

Thanks!  

eskbanker said:

Switching in itself doesn't make any difference, but if you don't already have the new account set up then you'll need to go through the application process, which will entail a credit check that'll be visible to a lender - one such check is unlikely to affect anything though, unless there are already credit-related issues....

OP has a new account setup for switching.

I read that as having an account ready to switch from rather to switch to, hence 'so we don't use our main account', but OP can obviously clarify....

Middle_of_the_Road

eskbanker said:

Middle_of_the_Road said:

theblondeone44 said:

Hiya, 

Our current mortgage deal comes to an end at the end of October so will be looking to remortgage in the near future. 

Barclays currently have a bank switch offer for a limited time which I’d like to make use of, however I don’t want it to jeopardise our new mortgage deal. I already have another account set up to switch so we don’t use our main account. 

Will making use of the switch bonus this close to the remortgage affect anything? My credit score is currently excellent. 

Thanks!  

eskbanker said:

Switching in itself doesn't make any difference, but if you don't already have the new account set up then you'll need to go through the application process, which will entail a credit check that'll be visible to a lender - one such check is unlikely to affect anything though, unless there are already credit-related issues....

OP has a new account setup for switching.

I read that as having an account ready to switch from rather to switch to, hence 'so we don't use our main account', but OP can obviously clarify....

See what ya mean.
So there could end up being 2 hard searches, one they've had to set up the burner account, and one for Barclays.

eskbanker

Middle_of_the_Road said:

eskbanker said:

Middle_of_the_Road said:

theblondeone44 said:

Hiya, 

Our current mortgage deal comes to an end at the end of October so will be looking to remortgage in the near future. 

Barclays currently have a bank switch offer for a limited time which I’d like to make use of, however I don’t want it to jeopardise our new mortgage deal. I already have another account set up to switch so we don’t use our main account. 

Will making use of the switch bonus this close to the remortgage affect anything? My credit score is currently excellent. 

Thanks!  

eskbanker said:

Switching in itself doesn't make any difference, but if you don't already have the new account set up then you'll need to go through the application process, which will entail a credit check that'll be visible to a lender - one such check is unlikely to affect anything though, unless there are already credit-related issues....

OP has a new account setup for switching.

I read that as having an account ready to switch from rather to switch to, hence 'so we don't use our main account', but OP can obviously clarify....

See what ya mean.
So there could end up being 2 hard searches, one they've had to set up the burner account, and one for Barclays.

Yes, although the burner account may be an old one.

theblondeone44

Sorry.. yes already have another account set up which I use for switching so I don’t have to use the main account. So would just be doing the switch to Barclays. 

BuildTheWall

Unless you are applying for overdraft, opening a current account shouldnt result in a hard search.

Nasqueron

BuildTheWall said:

Unless you are applying for overdraft, opening a current account shouldnt result in a hard search.

Aside from Chase most banks will do a hard search regardless of overdraft in my experience

BuildTheWall

Nasqueron said:

BuildTheWall said:

Unless you are applying for overdraft, opening a current account shouldnt result in a hard search.

Aside from Chase most banks will do a hard search regardless of overdraft in my experience

The bank would tell you if its going to be a 'credit check' or 'hard search'. I opened one at Barclays last week and it was just a soft check. 

PRAISETHESUN

Switching can occur between two existing bank accounts, and in those instances there will be no credit searching involved. If you don't hold a Barclays current account however (which I expect is the case as their switch incentive isn't available to existing customers) then you will need to apply for one, and typically this would entail a credit search of some description. My experience is that most banks do a hard credit search, with an exception for some of the fintech banks if you don't apply for an arranged overdraft. Personally I'd hold fire until your mortgage is finalised, just on the off chance an unexpected credit search causes you issues.