Best savings account for a mortgage

leereni · 12 October 2011 at 8:55PM

I'm looking at saving approximately £600-700 per month over the next 12-18 months to go towards a deposit on a mortgage. I have adverse credit and therefore need to do the best I can within the time to maximize my chances of getting the mortgage.

I was just wondering if anyone can recommend a savings account in particular. I'd go with the nationwide's 'save to buy' but I've heard they have a very stringent credit check process. Or maybe I should stick with my own bank (lloydstsb) although they don't have any great interest rates.

Any comments appreciated.

Thrugelmir · 12 October 2011 at 9:14PM

Nationwide's Save & Buy is very much a return to the old days. By saving regularly with a lender you assist the lender with funding and demonstrate your ability to manage your personal finances. So this may be a way of demonstrating that you have learnt your lesson. As they will have first hand experience of you as a customer rather than merely relying on an autonomous credit report.