Current account held for long time, good?

ViolaLass

I'm thinking of moving my current account and have just read a post on here saying that when I want a mortgage, having been with the same bank for so long (13 years) will go in my favour.

Is this true? Will it make a significant difference? I'm not committed to moving my account, just thought it would make my life a little easier but I wouldn't like to throw away any advantage if it might prove useful later.

hcb42

it 'might' be a factor, but affordability will be key

tiernsee

It may depend on the bank. Mine (NatWest) gave me an AIP over the phone based on my current account history (over 20 years wtih them, wages paid into current acount), they also did not want to see anything like wageslips etc. Got mortgage offer within two weeks - very quick and easy (then the vendor changed his mind.........)

uberteeb

I am with Nationwide, have been for about 10 years, they were hopeless when it came to my mortgage. Getting someone to speak to over the phone was virtually impossible, their online chat staff just send you links and don't answer questions and ulimately I got a far better rate going elsewhere.

Go and see a broker, most of them are free and will find you a better deal.

nomoneytoday

I got a mortgage offer sorted in under an hour with LTSB, having been there for 20 odd years

kingstreet

As an example, you will score higher on a Halifax mortgage application if you confirm your bank account has been in place for a long time. In addition, complete all the requested phone numbers. Home landline, work landline all score you more points.

I'm not sure what it's like now, but having an M&S chargecard used to score you gazillions of points, but that's before it became part of HSBC.

ViolaLass

Thanks for that kingstreet. When you say 'a long time', does that mean 'over 5 years', for example, or is it simply a case of the longer, the better?

kingstreet

The longer the better.

Around ten years ago, it was explained to me by a Halifax employee that I could legitimately go back to the point the applicant FIRST opened an account, not necessarily to when the applicant opened their current account and they would be satisfied with the answer given.

The actual question on the Halifax application is "How long have you had a bank/building society account?" and I don't know about you, but I had an account with Burnley Building Society when I was about six!

I preferred to use the date the present account was opened, as if I was asked to prove that, it was more likely that I would be able to do so...

It depends completely on what question you are asked, I suppose?

jaffs

nomoneytoday wrote: »

I got a mortgage offer sorted in under an hour with LTSB, having been there for 20 odd years

I too have been with Lloyds for 20 odd years and went to them for a mortgage, didn't need to prove ID or anything and got a mortgage offer straight away, also got a slightly preferential rate cos i have my current account with them (think 1% off, not sure), however i wouldn't let that be your only reason for choosing a provider.