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Santander First Homesaver account
AlisonHarrison
Posts: 181 Forumite
Has anyone got one of these accounts?
I am thinking about getting my children to open one of these (aged 16 and 21)
I know they are intended for use to save for a mortgage and the information pack says that you must attend a mortgage interview, I think 90 days before closing the account. Presumably this is intended so you take out one of their mortgages.
Both have a lump sum from a legacy, and I am thinking about getting they to deposit £5k each in it and topping up with the max savings.
Do you have to take out one of their mortgages to retain the preferential interest or do you have to use the funds as a deposit for a property?
Has anyone any experience at all with them?
I am thinking about getting my children to open one of these (aged 16 and 21)
I know they are intended for use to save for a mortgage and the information pack says that you must attend a mortgage interview, I think 90 days before closing the account. Presumably this is intended so you take out one of their mortgages.
Both have a lump sum from a legacy, and I am thinking about getting they to deposit £5k each in it and topping up with the max savings.
Do you have to take out one of their mortgages to retain the preferential interest or do you have to use the funds as a deposit for a property?
Has anyone any experience at all with them?
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Comments
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Can I just bump this up hoping that someone sensible will reply.
Thanks0 -
No, you don't have to take out a mortgage as a condition for payment of any interest. The account can be operated simply as a high paying regular savings account as you suggest, and many of us are doing just that.
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