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Original poster

Mortgage application and new bank account

6 replies

Aidycake34 · 27/04/2016 21:49

I think I've messed up and I need some advice. Dh and I have just had a mortgage agreed in principal. We don't currently have a joint account. I know that you shouldn't apply for any credit or financing during the mortgage application process and I haven't but I have foolishly applied for a joint account with the mortgage lender. Now I'm afraid that our mortgage application will be rejected. I'm so stupid, I just got a bit over excited and wanted to get everything all set up. Will this affect our mortgage? I think our credit scores are good and our loan to value is about 60% so we have a big deposit. Any advice/reassurance/brutal honestly would be appreciated.

OP posts:
cozietoesie · 27/04/2016 22:15

I don't see any problem with it. Last two times I had a mortgage, I was actually required by the lenders - both banks - to open accounts with them as part of the application process. It's not really credit or financing is it ?

thatstoast · 27/04/2016 22:17

As a former mortgage underwriter, I can't see any reason why this would be a problem. Unless the massive drip feed is you're going to use the bank account to launder money?

Mortgages are stressful but try not to worry.

Original poster
Aidycake34 · 28/04/2016 07:43

Thanks for your replies. I know it's different from credit etc but I wasn't sure if it would leave a footprint on your credit file and in turn affecting my score. Realistically I suppose that even if it did leave a footprint it's unlikely to knock us into a bad score.

OP posts:
cozietoesie · 28/04/2016 09:08

Remember what a potential lender is looking for. They want a picture of your ability to pay - so eg your income, indebtedness, ongoing expenditure and any risk factors. Taking out a new loan could affect that picture but I don't see how opening eg a new bank account would. (Especially if it was with them so therefore giving them more information about you on an ongoing basis. Wink)

If you're anxious, though, why not give your contact a buzz and check? Smile

Artistic · 28/04/2016 09:11

Like pp said, it was a requirement for us to get a joint account set up prior to the final payout. I doubt you've done anything to jeopardise your mortgage. It's not like you've taken another loan, it's just a bank account! You'll be fine! Don't worry at all.

listsandbudgets · 28/04/2016 15:19

As others have said should be fine. We took out a mortgage earlier this year and had to open an account with the lender as part of the process.

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