Mortgage application with new bank accounts...
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Jimmy9012
Posts: 46 Forumite
Hi folks,
I have been with HSBC since my student days, a good 12 years ago, and still have this everyday account.
I also have:
- Virgin Credit Card (£3000 currently used of £3400 limit), 0% for 27 months (I have had this for about 7 months).
- Barclays Credit Card (£0 used of £6000), I have had this for about 3 years, unused for a while (1.5 years).
That's 3 accounts currently.
I am looking to secure a mortgage in April, and am saving hard to do that. Every penny will go to the mortgage, I have no concerns over the Virgin card as I can easily make payments.
I have seen an offer from Nationwide to give myself £100 and my partner £100 if I switch to them - I'd like to do so as an extra £200 is, well, helpful. It wont add a lot to the deposit, but its still a larger deposit with compared to without...
My question, if I open the Nationwide account and switch to it, (I presume also closing the HSBC account), would that look bad to any potential mortgage companies as my long term account/relationship with HSBC had recently ended before the application?
Is the £200 worth any negative look on our history?
Best,
Jim
I have been with HSBC since my student days, a good 12 years ago, and still have this everyday account.
I also have:
- Virgin Credit Card (£3000 currently used of £3400 limit), 0% for 27 months (I have had this for about 7 months).
- Barclays Credit Card (£0 used of £6000), I have had this for about 3 years, unused for a while (1.5 years).
That's 3 accounts currently.
I am looking to secure a mortgage in April, and am saving hard to do that. Every penny will go to the mortgage, I have no concerns over the Virgin card as I can easily make payments.
I have seen an offer from Nationwide to give myself £100 and my partner £100 if I switch to them - I'd like to do so as an extra £200 is, well, helpful. It wont add a lot to the deposit, but its still a larger deposit with compared to without...
My question, if I open the Nationwide account and switch to it, (I presume also closing the HSBC account), would that look bad to any potential mortgage companies as my long term account/relationship with HSBC had recently ended before the application?
Is the £200 worth any negative look on our history?
Best,
Jim
0
Comments
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If you are after the account switch incentive of Nationwide, you might be better off using donor accounts if the specific offer allows it, you can get more details in the "Budgeting & Bank accounts" sub forum.
Personally I wouldn't risk it for £200, couple of months before I expect to apply for a mortgage.0 -
If you are after the account switch incentive of Nationwide, you might be better off using donor accounts if the specific offer allows it, you can get more details in the "Budgeting & Bank accounts" sub forum.
Personally I wouldn't risk it for £200, couple of months before I expect to apply for a mortgage.
I am on the side of not risking it. My partner doesn't think it would matter, but we decided to do what the Internet says... thanks for the help!0 -
Do you think it would be better to have a smaller deposit and pay of the 3000 credit card (0%), or keep the lager deposit and the credit monthly?0
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It looks like a near enough maxed out card, pay itDon't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.0
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