Mortgage Savings Accounts

benham3160

Hi all,
My and my partner (24 and 25) and currently renting a house, if plans go ahead in the next few weeks we should both be in jobs earning around 22/23k pa each, and we're looking at renting cheap (neither of us are particuarly fussy about a house, we just see a rental as a short term solution.)

We're planning to hopefully save £400-600 a month for our mortgage deposit, now we've noticed Halifax and Nationwide (I'm sure others do it too) offer mortgage savings accounts for regular deposits but we're unsure whether to get one of these and risk a "beneficial rate" (although with no guarantees) or to use a standard savings account with the highest interest (notice account etc.)

My partner has banked with Nationwide since she was 13 and has a faultless credit past, mine is the polar opposite but my CCJ is due to fall off my file within 18 months.

Suggestions please?

Regards,
Andy

Crashandburn

Sounds more like a marketing exercise to me.

Any mortgage will be subject to underwriting and any existing connection wont be a 'golden ticket' to a definite mortgage. Searching the best rate would be a better option...

In saying that, more of an issue will be the CCJ so perhaps improving your relationship with a Bank may be your best bet. Maybe having a joint account at the Nationwide will allow you to piggyback your partners good credit record. Just an idea.

HappyMJ

As the partner without the CCJ I would suggest to them to NOT have a financial link with you just yet. Save into your own personal accounts for the time being. Get the best interest rates you can. Regular saver accounts pay very well. In 18 months then pool your resources to buy the property of your dreams. You need at least 10% of the property price plus expenses anyway so if you are starting from zero it will probably take longer than 18 months to get.

opinions4u

The Halifax scheme doesn't tie you to a specific account.

http://www.halifax.co.uk/mortgages/offers/home-saver/

benham3160

Understood re: the financial link, I've made sure that I'm not linked to her in anyway.

We'll be looking at taking more than 18 months as our wedding date isn't for another couple of years and we're not expecting to buy until after we're married, hopefully this will allow us to get an extra amount of deposit, with a view to reducing the mortgaged amount (rather than buying a property at 10% just because we can, if that makes sense.)

Would a savings account be a financial link for the purposes of a credit check?

Thanks again,
Andy