co-buying: need joint account

Hi, I'm co-buying a house with a friend, and our mortgage is about to be drawn down.

Our finances, mortgage aside, will be totally seperate.

I assume the best way to pay our mortgage is to set up a joint bank account that the mortgage repayments will be drawn from. Then to have direct debits coming out of our individual accounts, into this joint account every month?

If this is the best way to do things, we're aiming for a fees free joint current account: is there such a thing? Anyone like to recommend?

Advice much appreciated! Sal

We set up a joint account with Ptsb - no fees (afaik).

Did exactly the same with PTSB!
We both set up direct debits into one account!

The only thing I'd advise, is that you "double check" that the person setting up the account and your direct debits carries it out! We had advised how we wanted our new account to work, gave both our account numbers the direct debit was to come out of via dd mandates! I also confirmed it again by email prior to first payment, received and email back advising new account etc set up all arranged!

However, when first payment came and went, I logged online to see a non payment fee of €4.88? or something like that? Rang up, and they advised that it was our fault - we should have set up our direct debits...

I duly sent on the email, where they had confirmed it was done... Payment fee taken off, Direct debits set up!

Don't forget the TRS (if applicable) will also be paid into the joint a/c so its a good idea to have one. This could be saved up and used for any work which might be needed etc/management fees etc. Best of luck with your house!!!

UPDATE: co-buying: need joint account

We went for NIB in the end, got suckered in with the free fees thing. We have just left them to switch to another bank (BOI) for the following reasons:

1. They actually did charge us fees! Even though we were clear on opening the a/c to ensure we were eligible for the free banking. Not much of a charge, but the principle of it ticked us off in a big way.

2. Poor online and phone banking - too many pins, and an e-banking certificate that had to be downloaded everytime you wanted to checkyour a/c online - and wouldn't work on every PC - which they seem to be aware of, but won't rectify. Then, if you don't log in for a while, your various pins expire and you have to reapply to have the whole system reactivated. The worst technology of any bank I have ever experienced. Eventually, contacting them was such hassle that we began keeping a notebook of all our transactions to check against statements when they arrived (quarterly) - guesswork on a joint account the mortgage comes out of!? Enough.

3. Staff in the branch, helpful enough. Staff on the phones - not well-versed in NIB policy, rude in tone, and calls obviously not recorded for training purposes! Communication is tough, unpleasant, frustrating - a world away from the BOI and AIB efficiency coolcats that purr 'sir' and 'madam' down the line.

Plenty of people, I'm sure, have no probs with NIB, but as a busy person who relies on auto-phone and internet banking rather than having to Q up or ring them when I have a problem - well, they just haven't got their act together yet.

(PS I don't work for no financial institutions neither.)