Nationwide's Save to Buy Account/Mortgage

bowlhead99

Wth Nationwide you can get access to their special customer-only deals ('flexclusive' mortgages, high interest regular saving a/c etc) by either:
a) switching (really, just promising to switch and letting them start the process) or
b) just paying in more than their minimum per month for 3 consecutive months

If you follow the b) route you don't have to mess around changing direct debits etc, simply let them see some cash flowing (the minimum 750 others mentioned).

I had an account with them for 4-5 years which I'd only got because the flexaccount used to have cheap foreign currency rates, that deal then stopped so I stopped using it, leaving a small balance. This summer I opened a save-to-buy and also started moving some money through the current a/c, 800-1000 a month, and in the 3rd month I opened their 6% interest regular saving product. I was still paying into the save-to-buy at the bare minimum 50 per month, but was ready to apply for a mortgage after only 4-5 months on the save to buy (not the minimum 6), and didn't need the 95% loan, so didn't go ahead with that paprticular deal in the end, just a regular Flexclusive mortgage application.

I'm sure only a few months of active history without going overdrawn on the current account, with receipts <1000 a month (only a portion of my earnings, the monthly mortgage payment is higher than this) is not going to convince them that I am a safe risk in terms of credit worthiness. I still had to provide 3 months bank statements from my real 'main account' with another bank where I get paid.

But when sending through the case to underwriting, the nice in-branch man put on the notes that I was a longstanding customer. Part of his way of hoping to get a response back quicker from the folks in underwriting, he thought it would be relevant to responsiveness. I can't see it could change a pass/fail on the application but there are human factors to the process.

In summary I don't think a port to their current account is going to effectively demonstrate how you are more creditworthy after a short period. But there maybe less obvious benefits to having run an account with them longer rather than being a fresh signup. If you don't need the mortgage yet I would still get the account open and start using it, then in 3 months you can qualify for 'existing customer' deals without porting.

LancsManda321

Hello
This is my first ever post. I've been watching and reading this thread for a while and you don't know what a massive help its been. On Saturday my partner and I were accepted for the Nationwide Save to Buy savings account. Reading this thread gave us the heads up that changing account would be discussed so this gave us chance to discuss before the meeting without feeling pressured. We agreed to keep our own sole current accounts but swap our bills account to their account so they could have the visibility. Hopefully all will go smoothly with the transfer. I will keep you posted.

We are looking to have the 5% in about 8 months or so. I've been reading peoples comments about improving credit score etc with credit cards. I have a Barclaycard that I used, paid off and never cancelled. Should I cancel this or would it be good to keep in terms of credit scoring? Sorry if my question seems a bit dim... I'm very new to all of this!

Thank you

BoracicLint

LancsManda321 wrote: »

We are looking to have the 5% in about 8 months or so. I've been reading peoples comments about improving credit score etc with credit cards. I have a Barclaycard that I used, paid off and never cancelled. Should I cancel this or would it be good to keep in terms of credit scoring? Sorry if my question seems a bit dim... I'm very new to all of this!

Thank you

Hi and Welcome!

Congratulations on getting the Save to Buy account, I hope you are successfull in securing the mortgage when the time comes. With regards to your question about your Barclaycard; Rather than simply keep the account open, I would use it for purchases and clear the balance every month in full.

A well managed/utilised line of credit is far more valuable in terms of credit scoring than an unused line of credit... In my opinion. Of course settling the account is an option, but it depends how many other accounts you have to give the lender good evidence of your credit worthiness.

How's the rest of your credit history? Are you on the electoral roll? Any missed payments/defaults? It might be worth checking your credit files with all 3 agencies now, so you can try and sort out any problems before the application stage...

TastyTeeth

Just wanted to let everyone know, who follow this thread, that we completed on our purchase today. Had a few delays from the vendors side, but everything came good in the end. Roll on the move tomorrow. It's nice to be a homeowner again.

rodenal

Good stuff, we're just about to put some offers in so may be completing the process fairly shortly

cool_techie

My timeline is as under.

Nationwideapplied - 15th October
Solicitor appointed - 15th October
Valuation done - 17th October
Mortgage offered - 23rd October
Funds transferred - 30th November
Completion - 7th December.
Cashback recieved - 31st December

Applied directly at NW and were recommended the 'Flexclusive Save to Buy Mortgage' 4 yr fix. We had a NW S2B account since October 2011 and were saving small amounts per month.

The adviser(s) (Mortgage and Current account porting) were very well informed, courteous and prompt.

Must say that I found the Nationwide service first class in all respects and am unsurprisingly, a loyal customer.

The only delay in the whole process happened at the Vendors solictors and seller at the top of the 4 person chain.

Regards,
CT

nakiwala123

cool_techie wrote: »

My timeline is as under.

Nationwideapplied - 15th October
Solicitor appointed - 15th October
Valuation done - 17th October
Mortgage offered - 23rd October
Funds transferred - 30th November
Completion - 7th December.
Cashback recieved - 31st December

Applied directly at NW and were recommended the 'Flexclusive Save to Buy Mortgage' 4 yr fix. We had a NW S2B account since October 2011 and were saving small amounts per month.

The adviser(s) (Mortgage and Current account porting) were very well informed, courteous and prompt.

Must say that I found the Nationwide service first class in all respects and am unsurprisingly, a loyal customer.

The only delay in the whole process happened at the Vendors solictors and seller at the top of the 4 person chain.

Regards,
CT

Hi Cool, congratulations on securing the mortgage. Enjoy your new home. We are going to apply for AIP for the same next month; what interest rate were you offered?

cool_techie

nakiwala123 wrote: »

Hi Cool, congratulations on securing the mortgage. Enjoy your new home. We are going to apply for AIP for the same next month; what interest rate were you offered?

Nakiwala,

We were offered 5.69 for the initial fix, followed by SMR(currently 3.99) for the remaining term.

Regards,
CT

rodenal

I said I'd update this with how we got on with nationwide:

Applied at the start of the month after visiting with the requested docs. Had a text the following monday to say offer had been issued so now just waiting to complete, they have been very good so far though, we did not have to provide a massive amount of documentation etc which was good, though this may have been partly down to them already having some detials through the save to buy account.

nakiwala123

rodenal wrote: »

I said I'd update this with how we got on with nationwide:

Applied at the start of the month after visiting with the requested docs. Had a text the following monday to say offer had been issued so now just waiting to complete, they have been very good so far though, we did not have to provide a massive amount of documentation etc which was good, though this may have been partly down to them already having some detials through the save to buy account.

Thanks for the update Rodenal. What documents did they ask for?