Is it worth opening nationwide account to mortgage Flexclusives?

silverdog

Hi. Am looking for any advice please.Im just about to apply for a Nationwide Buy2Save mortgage as my house offer has been accepted.
I dont normally bank Nationwide but the bank said if I open a current account with them, then apply for my mortgage I getter a better deal.
What I wasnt sure of - will this affect my credit rating applying for a new bank account a week before my mortgage? Thanks.

Keeran_2

I dont knwo the exact answer to the question,may be someone with more experience will tell u abt this. I just wanted to say I was in a similar situation as urs a few weeks ago, but it was with Halifax. I ended up opening a new account with them.. includins a clarity credit card... obv which I dont need! I also ended up transferring all my direct debits to this account. I dont know if I did the right thing as my mortgage application is still with the underwriters!!!!! and I am not getting proper updates from my MA (banks own!!!)

Anyways as I result of this... there were 2 more searches recorded on my credit report and obv having more searches is always not good for ur credit history esp if the mortgage gets rejected and u need to apply to another lender.

robdavenport2

Hi switched my current account to Nationwide to take advantage of the 'Flexclusive' offer.
The actual rates are available to non current account holders, however the added benefit (to us, being FTB) was that we could fix the rate for an additional year.

Aside from the actual product, I beleive it helped with the application process having my account with Nationwide. Plus, the switching service was first class.
I beleive there are a new range of current accounts at present that appear competitive.

TurkeyShoes

Hi, I'm not sure of your exact current situation, but I recently did this through Nationwide. I had a 10% deposit, great credit score, the lady who I had the initial meeting with worked out mortgage repayments for the property that I am interested in, and there seemed to be no problems. I moved by bank account to Nationwide during this first meeting.
I then had another appointment to formalise the mortgage deal and was gutted to find out that they wanted a 15% deposit instead of a 10%. Nobody could tell me why, as they couldn't see anything wrong with my pay / credit score.....although my credit score is now lower from their searches for a current account and a mortgage deal!
It might be worth getting an agreement in principal before you do any switching, as even if they say that everything looks fine it might not work out.