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    • Chickenman1108
    • By Chickenman1108 6th Oct 17, 8:43 AM
    • 30Posts
    • 0Thanks
    New Bank Account b4 Mortgage
    • #1
    • 6th Oct 17, 8:43 AM
    New Bank Account b4 Mortgage 6th Oct 17 at 8:43 AM
    Hi All
    Random question.
    I have heard that switching bank accounts in the lead-up to applying for a mortgage could potentially harm my chances of getting a mortgage as it'd mean a credit search on my file.
    I dont actually plan to switch my bank account, but my partner and I were thinking of opening a joint bank account to make paying things (deposit, legal fees etc) simpler (and we'd continue to use it after completion to pay mortgage and bills etc).
    Obviously this will still involve a credit search on us both (as all the accounts we are looking at have overdrafts etc). Could this still harm us?
    We've worked really hard to make sure we're 100% ready for our mortgage application so I dont want to ruin things (which would be ironic as the whole point of the joint account is to help us manage our money better).
    It's not the end of the world if we dont open one - but I just thought I'd check
    Thanks a lot
Page 1
    • zx81
    • By zx81 6th Oct 17, 9:21 AM
    • 17,287 Posts
    • 18,403 Thanks
    • #2
    • 6th Oct 17, 9:21 AM
    • #2
    • 6th Oct 17, 9:21 AM
    It's very unlikely to have an impact, but why take any risk at all at this stage?
    • Debtslayer
    • By Debtslayer 6th Oct 17, 8:24 PM
    • 433 Posts
    • 624 Thanks
    • #3
    • 6th Oct 17, 8:24 PM
    • #3
    • 6th Oct 17, 8:24 PM
    I wouldn't risk it. Get your mortgage first and then open a joint account afterwards if you want to
    Current Mortgage 01.10.17 113,513.88
    MFW Start Mortgage: 114,794.64
    Current MED: 2036 Target MED: 2026
    Overpayment Target for remainder of 2017: 2,000
    Mortgage overpayment savings: 684.80
    MFW No 124
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