Mortgage with Bank who are also your main current account provider - any benefit?

Jon_B_2

This is a question more out of interest really.


Our mortgage application through a broker is going through Nationwide, who by co-incidence are also our main current account provider of over 10 years. I also have a credit card with them and a loan with them.


Our broker suggested that it makes no difference whatsoever if you have history with a lender, but I can't help but feel there must be something within a banking system which could speed up a decision based on previous financial account management?


I do remember when we applied for my personal loan a few years ago the chap on the end of the phone said that our account had been "pre-approved" for a loan, so that suggests a similar system to what I am suggesting is in place.

ACG

They wont ask for bank statements.
But they probably will ask for payslips - so in the grand scheme of things its unlikely to speed anything up.

If you have a good history with them it will increase your chances of passing the credit check with them.

betmunch

theres also potential for it to hold you back.

I had a client declined by nationwide because they didnt like the way he conducted his current account with them.

Sometimes a lender can know too much about you.

Nick_C

It depends on the bank. If you have a 123 current account with Santander and take out a mortgage with them, you get 1% cash back on the monthly payment.

Contemptuous

I can think of a lender who won't always ask for payslips if salary is paid into a current account you hold with them.
Other than that, there isn't really any benefit.

PixelPound

Some have special deals, nationwide have products specially for flexaccount holders

amnblog

I have seem clients get benefit from using their main bankers a handful of times in the past 12 years.

If there are any special deals, the broker will consider them.

Underwriting benefits are negligible.