Why should I use Open Banking to share my account data?
It’s normally quicker and easier to share your data with us via Open Banking than it is to submit bank statements manually. This can help us make a faster decision for your mortgage application.
How does sharing my account data via Open Banking work, and is it safe?
You’ll need to give consent to a third party, Experian, to access your account data through Open Banking. Companies who are providing services via Open Banking must comply with data protection laws and must be registered or authorised by the Financial Conduct Authority (FCA). They will also need to be registered with the Open Banking Implementation Entity. For more information on Open Banking, see the Open Banking Implementation Entity's website.
As part of keeping your data safe, Experian will only access the transaction data you have given consent for them to retrieve on a one-time basis.
Can I share my business bank account data if I don’t have a separate business bank account?
If you also use your personal bank account for business reasons you can also share the transactions from this account with us.
Will using Open Banking for my mortgage application affect my credit score?
No, sharing your data with us via Open Banking in this way won’t affect your credit rating. No additional credit searches will be made.
Why do you need to see my business bank account statement data for my mortgage application?
We need your business bank account statement data in order to process your mortgage application. It will inform us whether we're able to lend to you, and the amount we're able to lend.
If I use Open Banking to share my account data, can you access my data again in the future?
No, this is a one-time access request and no information will be provided to us unless you provide your explicit pre-consent and authorise access. We can only view data from the specific accounts that you've authorised.
Do I have other options other than using Open Banking to share my business bank account statement data?
If you don't want to share your account data via Open Banking, you also have the option to send us your physical bank statements. This requires you to download or make a copy of your statements before sending them, and will usually take us longer to assess.
I think I've submitted my business bank account statement data, what happens now?
Once we've received your business bank account statement data, we’ll get back to you with a decision shortly, usually within 2 days. If you’ve applied via a mortgage broker, this will be via the broker.
How long does it take to share my account data via Open Banking?
To share your business account data via Open Banking, you'll need your online banking credentials for your business bank account (username and password). The process should then only take a few minutes to complete.