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One Account - what happens at the end?
steveconrad
Posts: 14 Forumite
I'd like someone to explain what happens at the end of a One Account mortgage.
My wife and I have been overpaying on a OA mortgage that we have on our house bought during the last recession, so we're already on the lowest % rate.
Anyway, we run our account under the 'your way' scenario, with various savings and loan accounts - we find it a good way to run our finances and overpay whenever possible.
To achieve MF status, I've adjusted the ending date of our Mortgage Plan until it finishes in (hopefully) this December. We're already in (overall) credit every now and again as the wages arrive but once the CC bills are taken it dips back into debit.
Our actual agreement with the One Account is for a few more years yet (2018 I think) so I was wondering what happens come December when our final mortgage payment is taken :j. Will we still be able to run the account as now (taking the odd small loan, adding saving accounts etc) or will it change into a standard current account
Has anyone reached this situation with One Account?
My wife and I have been overpaying on a OA mortgage that we have on our house bought during the last recession, so we're already on the lowest % rate.
Anyway, we run our account under the 'your way' scenario, with various savings and loan accounts - we find it a good way to run our finances and overpay whenever possible.
To achieve MF status, I've adjusted the ending date of our Mortgage Plan until it finishes in (hopefully) this December. We're already in (overall) credit every now and again as the wages arrive but once the CC bills are taken it dips back into debit.
Our actual agreement with the One Account is for a few more years yet (2018 I think) so I was wondering what happens come December when our final mortgage payment is taken :j. Will we still be able to run the account as now (taking the odd small loan, adding saving accounts etc) or will it change into a standard current account
Has anyone reached this situation with One Account?
0
Comments
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Hi we reached the 'in credit' stage with our One Account 4 years ago so things may have changed since then. Basically they were happy for us to run the account as a current account but only for a short time so we opened a current account elsewhere. Guess they'd rather earn interest than pay it
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They asked you to change?
Had you reached the full length of your term or had you paid off early?0 -
I went into credit in January. Not heard a sausage from One Account so assume this isnt a problem....
It just turns into a current account with a big overdraft available. The interest is 1.5%. I've still got 8 years until I have to close it.0
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