Saving with bank help with new Mortgage?

shinyahashimoto

Hi,


Currently paying off mortgage on a flat, looking to start a new savings account for me and the missus for a deposit on a house when we look to move in the next year or two. Simple question: does it help saving with a particular bank to get a mortgage with them? Or should I just go to the savings account with the highest interest rates? We would be looking for an 85/90% mortgage, do you think it would help saving with HBOS(for example) so they can see regular saving and more likely give us a mortgage? Or would they not care?

Many thanks

opinions4u

It can make a minor difference, but it's not (usually) the difference between pass and fail.

Halifax, Nationwide and Nat West do have their own incentive schemes if you save and then go on to take out a mortgage.

http://www.halifax.co.uk/savings/home-saver/

shinyahashimoto

Thanks for the advice, these deals seem to be only for First Time Buyers, anyone know of any others which allow non-FTBS?

Piotrf

If you have a specific mortgage provider in mind, why not applying for a credit card with them? That way you build credit history with the same entity that will credit check your file for your credit worthiness before granting you the mortgage loan. I don't think that there is anything better than showing your future lender that you can manage credit. Provided obviously that you don't miss payments and ideally allways pay in full by using the card for a few items per month. Even a credit builder card from that provider (like Barclaycard Initial for instance) would be fine, provided that you use it the way I mentioned above.
If your time frame is "a year or two" than any negative impact for a credit check at this stage shouldn't affect your abilily to get a mortgage.