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    • NineDeuce
    • By NineDeuce 6th Feb 18, 1:52 PM
    • 824Posts
    • 754Thanks
    Switching current account & applying for mortgage
    • #1
    • 6th Feb 18, 1:52 PM
    Switching current account & applying for mortgage 6th Feb 18 at 1:52 PM

    I am quite partial to switching current accounts to get hold of the free cash that is offered, and am so looking at switching to Natwest to take up the free 125, but it is only available until 16th February.

    I have done this about 5 times in the past 3 or so years.

    I am about to make a couple of mortgage applications for additional lending to my current mortgage. My credit score according to Experian is the top score of 999. It is said that changing bank account can affect your credit score, and Martin Lewis said on TV that you should be wary not to do it if applying for a mortgage at the same time.

    Could anyone shed on any light on whether it would be likely to affect my mortgage application?

    Information on my credit history - I have had my mortgage for about 2-3 years and have made every payment with a small overpayment. I have a student loan. I have an overdraft but this does not really get used - perhaps up to a max of 50 at any time but my account is almost always in credit. Besides this, I have never had another loan or credit card.
Page 1
    • Gary_Dexter
    • By Gary_Dexter 6th Feb 18, 2:30 PM
    • 1,153 Posts
    • 645 Thanks
    • #2
    • 6th Feb 18, 2:30 PM
    • #2
    • 6th Feb 18, 2:30 PM
    No one sees or cares about the score - it's made up and meaningless.
    Lenders do not see it or asses you on it.

    They will look at your credit history and the data on your files
    • justnajus
    • By justnajus 14th Mar 18, 12:09 PM
    • 1 Posts
    • 0 Thanks
    • #3
    • 14th Mar 18, 12:09 PM
    • #3
    • 14th Mar 18, 12:09 PM
    I wanted to ask a similar question before I start switching accounts for the rewards. I will need to remortgage in one year's time and do not want to affect my credit rating which is currently very good.

    Does anyone know if switching accounts 3 or 4 times in one year detrimentally affect your credit rating for re-mortgaging.

    Many thanks.
    • zx81
    • By zx81 14th Mar 18, 12:11 PM
    • 16,835 Posts
    • 17,842 Thanks
    • #4
    • 14th Mar 18, 12:11 PM
    • #4
    • 14th Mar 18, 12:11 PM
    Regardless of the made up credit rating, I wouldn't make significant changes to credit or account in the run up to a mortgage.

    It wouldn't normally be a big issue for most lenders, but it's part of a wider picture.
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