Advice on 15K

Tryingtomoveout

Hi

I have 15k of which will mature in a few weeks. I don't want to put it away in another 1 year bond, as it is possible I may qualify for a mortgage within less than a year.

This month I should be able to pay off all outstanding loans, and so should be able to add to this 15k at quite a rapid rate.

My question is, would it be a good idea to use the Save to Buy First Time Buyer account from nationwide to put this money away for the next 6 months or so - with the added benefit that it should increase our chances of qualifying for a mortgage.
http://www.nationwide.co.uk/products/savings/save-to-buy/features-and-benefits


Does anyone have this account? It pays a net interest of 1.6%, better than any 6month bond deal I've found.

I would appreciate any advice on this.

Herbalus

Current accounts have a much higher interest rate than 1.6%.

Plus, having the Nationwide account won't make you better qualified to get a mortgage. It's just saying you can access their mortgages if you build up a deposit with them - well, you can access their mortgages if you build up a deposit with somebody else as well.

xylophone

Open a joint and a couple of sole Lloyds Club accounts?

Open a couple of sole and a joint Nationwide Flexdirect account?

If you need direct debits open Tesco savings accounts (instant access and internet).
http://forums.moneysavingexpert.com/showthread.php?p=67333160&highlight=#post67333160

Tryingtomoveout

Herbalus wrote: »

Current accounts have a much higher interest rate than 1.6%.

Plus, having the Nationwide account won't make you better qualified to get a mortgage. It's just saying you can access their mortgages if you build up a deposit with them - well, you can access their mortgages if you build up a deposit with somebody else as well.

Hi Herbalus thanks for your reply,

The thing is, I think that getting a mortgage is not going to be that straightforward - whilst I have no defaults or CCJ's or missed payments, i do have payday loans on my credit file from around 1-2 years ago (settled in full), and so I am aware that not everyone would accept me for a mortgage.
As such, hopefully the added benefit would be that we would be able to secure a mortgage from nationwide without too much difficulty....