Final step challenge before second switch

[Teetrees]

I'm just about to complete my second switch in 2 months. I signed the formal loan offer with the solicitor during the week.

The bank have asked for the latest payslip and 1 month bank statement. This would normally be straight forward...however the account has my first cashback amount from a different bank to my original bank on the day before my salary was paid.

Does anyone know if the bank can pull out at this stage if they see the cashback and are concerned I'm a serial switcher, which of course they would be correct in their assumption? Would they question why there is a new direct debit to a new bank and a cashback line item in the statement?

 

[cheirin123]

Absolutely yes they can. Unless you are signing up to a fixed term, I would be very surprised if the Bank don't pull the offer.

For multiple switches, the cashback should always be paid to a different account than the one your salary is mandated to as Banks will request confirmation of no change to income prior to drawdown.

 

[PolkaDot]

Is it possible to nominate to have the cashback paid to a specific account, or does it automatically get sent to the same account from which the mortgage repayments are being made?

 

[RedOnion]

Is it possible to nominate to have the cashback paid to a specific account, or does it automatically get sent to the same account from which the mortgage repayments are being made?

Set up a 2nd current account, and have the mortgage DD taken from there. Transfer the money from your main current into it with an appropriate narrative. You should be doing 2nd switch anyhow before the 1st payment is due.

 

[HomeBuyer22]

I'm just about to complete my second switch in 2 months. I signed the formal loan offer with the solicitor during the week.

The bank have asked for the latest payslip and 1 month bank statement. This would normally be straight forward...however the account has my first cashback amount from a different bank to my original bank on the day before my salary was paid.

Does anyone know if the bank can pull out at this stage if they see the cashback and are concerned I'm a serial switcher, which of course they would be correct in their assumption? Would they question why there is a new direct debit to a new bank and a cashback line item in the statement?

Hi Teetrees, just wondering how you got on with your second switch? Did you manage to drawdown, even though the cash back from first bank was on your bank statement?