Does a lender favour you more if you have savings with them?

picardygirl

I know this may sound a stupid question ...... but do lenders favour customers with savings account with them prior to a mortgage application or not?

Reason for my question is that we have been moved to Northern Rock Asset Management (who no longer offer new deals to existing customers, for those that dont know) and i was wondering, should we open a savings account with say the Abbey or someone and start regular savings into the account of does it not make any difference !?

Thanks

VIGILANT22

Check out Woolwich/Barclays

picardygirl

Thanks ..... have currently got quite a few accounts with barclays ...... just wanted to try another lender as well ......

Got nearly 2 years before we need to find another lender ......

happybroker

abbey currently offer exclusive deals to customers who have banked with them for some time, so do the Coventry BS.....wether this will be the case in 2 years is any ones guess.

If you bank with Woolwich/ Barclays and your application is borderline then this can help if you have a few quid tucked away with them and run your accounts well, they one of the few lenders who have real human decision makers for "out of the ordinary" files.

opinions4u

Savings with Halifax / Bank of Scotland always used to have a positive influence on the credit score result.

I would assume that this hasn't changed.

picardygirl

Think i may find a halifax and open an account. Thanks for that.

Worth a go, got nothing to lose.

opinions4u

picardygirl wrote: »

Think i may find a halifax and open an account. Thanks for that.

Worth a go, got nothing to lose.

The system assessed time account had been open for and balance.

Little point in sticking £50 in to a new account, but if you put a larger balance away that will mitigate the relatively short period of time that the account has existied for.