Barclays Premier. To upgrade or not to upgrade.

curiousmonkey

I'm hoping to take out a mortgage at the end of this year. I understand my bank gives preferential rates to Premiere customers. I am able to upgrade to Barclays Premier from my basic current account. I've been with Barclays for 6.5 years and that stands out as my longest open account on the credit file which is obviously helping the score. 

If I upgrade, is it counted as a new account opening by Experian etc and therefore I lose the 6+ years positive influence on my record and get the double whammy of a dip in score from having a credit search listed against me?

[Deleted User]

It would be nothing to worry about. Your scores would certainly drop but they're not a factor in lending. Lenders are familiar with current accounts changing.

If you'd be applying for the mortgage with Barclays, they would see the consistency of the accounts.

vacheron

As a premier customer for the last 11 years, I can safely state that their mortgages / accounts / loans are generally worse than those you can get on the high street to anyone with a decent credit history and LTV requirement.
You may get a little more of the personal touch along the way, but that is basically it.

• "premier" mortgage - 2 year fixed at 80% LTV are about 2.18% (with a £999, fee or 2,34% with a £0 fee, both reverting to 3.59% SVR after that. 
• "premier" loan - 4.3% on loans of £7,500 to £15,000 
• "premier" ISA savings - 0.05% on balances over £30,000

Possibly if you were borrowing millions, they may be able to do something special, but everyone else will see little difference.

Premier is basically a waste of time now as the benefits have been slowly withdrawn over the years to the point where it is now virtually worthless and I am only still a premier customer because it is free and I was already one to begin with!

curiousmonkey

Doesn't really sound very worthwhile.....

I remember 15 odd years ago it was £25 a month, but you did get airport lounge access and travel insurance...

adamp87

In regards to moving the account type, from my experience banks upgrading an account never change the sort code/account number they just change the account on the system. So I don't think you'd have to worry there of a "dip". But in the grand scheme a new current account wouldn't be worth a worry.