Matched Betting and Mortgage Applications

[vainhedgepig]

I'm currently saving for a deposit and looking at buying in the next year or so. I'd like to start matched betting but I'm having trouble getting a second current account as per the usual advice.

I applied for an HSBC account but was refused on the basis that wanting to split bill money away from my normal current account wasn't enough of a reason to open a second account with another bank. When pressed I did then tell them about the matched betting, (and the young clerk admitted MB got him through Uni!) but that wasn't considered a good enough reason either. They also said it's likely that the mortgage application would check all my accounts, not just the main one.

So, do I just start MB with my normal current account and if necessary stop 3-6 months before my mortgage application or continue trying to get a second current account. I'm concerned that if I did that all the credit/ID checks would have a negative impact on my credit record.

ETA: Are there any usable alternatives to a current account (I'm thinking something like Mondo/Monzo/whatever the heck it's called now)?

 

[Jon]

[member=117]Blackpepper1[/member] - Which current account did you setup for MBing??

 

[Uhhhhh]

Go to another bank.

If HSBC don't want your business then I'd go elsewhere. The reason that you gave (about wanting to keep funds separate) should be enough to want to open another account. I've opened one with the Halifax in the past, giving the reason that I wanted to start saving for traveling but didn't want my money tied into a savings account, and opened a current account with no problem.

 

[Blackpepper1]

[member=117]Blackpepper1[/member] - Which current account did you setup for MBing??

Nationwide FlexDirect Account.
Easy to open online gives you interest as well and never had any questions about what I am using it for despite the amount of Money going in an out.

 

[askgar]

[member=117]Blackpepper1[/member] - Which current account did you setup for MBing??

Nationwide FlexDirect Account.
Easy to open online gives you interest as well and never had any questions about what I am using it for despite the amount of Money going in an out.

I use the same, only once did the account get blocked (I desposited > £500 into smarkets in multiple transactions in 2 hours, it would look suspicious to anyone! Otherwise I've had no issues.

 

[asajj]

Co-op basic account was also suggested for MBing.

 

[larlie1983]

[member=947]vainhedgepig[/member] I'm currently in the process of moving house. The mortgage broker just wanted details of our main bank accounts (the accounts where we receive our salary and our bills come out of) Even then they only wanted to view transactions going back 6 months. They didn't want details of our smaller accounts so the account I use for matched betting wasn't looked at. I'm using a TSB Classic account for matched betting.

 

[Jon]

Yeah when I got a mortgage all they cared about was my main account that my salary went in not my HSBC one where all my SE earnings went

 

[Jon]

I think [member=277]Chammy[/member] is going through the process at the moment actually

 

[Chammy]

My application wanted 3 months bank statements from my main account only, my personal account used for MB wasn't mentioned.

I highly recommend a separate account - application requirements could change and see them wanting more than 6 months.

 

[vainhedgepig]

Thanks so much for the advice everyone — I applied for a Nationwide account so we'll see how that goes. There were no questions in the application about the use of the account which there were for HSBC so fingers crossed this one should be okay.