Cheap mortgage with oneaccount.com

10
Found 9th Mar 2008
This company says it can save you a lot of money on your mortgage if you bank with them too. I used their mortgage calculator and it said it would take 13 years off my mortgage saving me 60 grand!

Is this too good to be true? Anyone know anything about this sorta thing?

oneaccount.com

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[url]www.oneaccount.com[/url]

Moving to misc, as it is not a deal as such.

It seems legit enough as it is registered to:

The Royal Bank of Scotland Group Plc

Ive been with these for about 5 years now. Recommended my parents & my sister too. We are about £4000 ahead of our term having seen our mortgage reduced by £20,000 over the period. I say its great! You do have to be disciplined tho - as its easy to spend your facility.

Also, if you are recommended both parties get £125 if interested!!! ;-)

it's basically just an offset mortgage....have a wee look at [url]www.fool.co.uk[/url] or MSE for details of these products.

i moved all my kids savings and rainy day money into my mortagage. it knocked off loads off my monthly payments. i believe its much better to pay off debts than to have savings.

i have just got it all out to buy myself and car. the lady asked what i was doing and she said lots of people do this!!! it only took 3 days to clear into my bank.

its a mortgage with...northern rock

i have just tried it and could reduce my payment by 7 years, but still tied into my current mortagage

It doesn't save you anything!!!

It works on the basis that you have some savings which they offset against your mortgage. But remember that if you had that money in a savings account you would've been earning interest on it which you're now not. So you might be a little better off as you won't be paying tax on the savings (you shouldn't anyway as you should be usings ISAs) but you'll be worse off as the rate won't be as good as you could've got elsewhere.

So basically you're not any better off!

Banned

Benjimoron;1693886

It doesn't save you anything!!!It works on the basis that you have some … It doesn't save you anything!!!It works on the basis that you have some savings which they offset against your mortgage. But remember that if you had that money in a savings account you would've been earning interest on it which you're now not. So you might be a little better off as you won't be paying tax on the savings (you shouldn't anyway as you should be usings ISAs) but you'll be worse off as the rate won't be as good as you could've got elsewhere.So basically you're not any better off!


Agreed. You'd be better off getting a standard repayment mortgage which allows overpayments. The interest rate isnt very good either at 6.45%

Dont bother is my advice.

it added about another £70 per month on for me!

Original Poster

Cheers for the replies folks. Obviously i'll ask my financial advisor before i sign up to anything. A mortgage which allows overpayments might well be a better idea. Mind you with offset mortgages any extra money you do put away to offset the interest is instantly accessible if you want it back.

I wonder if there is a way of fiddling interest rates to get them working for you in this situation.

Lets say you get an offset mortgage at 6%. What if you took out £5000 borrowings on credit cards which gave 0% over a year, and withdraw that £5000 into your offset mortgage savings account? You would pay your credit card company about 3% for the transfer, but that £5000 would have been costing you 6% on your mortgage. Since the savings in your offset mortgage can be accessed at any time, you could take that 5 grand back out after 12 months to clear the credit card and start again- hopefully(!) saving a few hundred quid.

Would that work? Im really just opening my mouth and letting my belly rumble here.

i wish i'd thought of that before credit cards started charging a balance transfer fee! I think it's worth looking at the calculations anyway
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