godirect.co.uk oneaccount

loopholer

i'm considering a one account, I have lots of savings so it works out cheapest and has the lowest arrangement fees, £200 valuation + £330 arrangement fee.
godirect.co.uk offers £100 cashback, bringing the fee down to £220, has anyone taken advantage of this offer ?

wymondham

If an existing one account holder recommends you you'll get £125 - not sure if this can be in addition to the £100 or not!!

Tiddler_2

godirect.co.uk are brokers offering UP TO £100 of the commission received back to customers.

Therefore you wouldn't receive the £125 customer recommendation aswell as the up to £100 cashback.

If you are looking for a cashback option then I understand that there are some online sites that give you 50% of any commission.

check below if you are happy with not receiving any advice on your mortgage

http://www.moneysavingexpert.com/mortgages/best-mortgages-cashback#cashback

loopholer

moneybackmortgages site claim to give you £325 cashback for a oneaccount mortgage! thanks, i'll let you know how this pans out.

getmore4less

loopholer wrote: »

i'm considering a one account, I have lots of savings so it works out cheapest and has the lowest arrangement fees, £200 valuation + £330 arrangement fee.
godirect.co.uk offers £100 cashback, bringing the fee down to £220, has anyone taken advantage of this offer ?

Are you sure this is the best option the oneaccount usualy has one of the highest offset interest rates around. currently 6.7%

http://www.oneaccount.com/onev3/rates/toa-rates.shtml

Others have offsets rates that are lower, I use Barclays and their current rates are 5.99%*-6.69% depending on LTV but the fees may be higher not sure about the cashback options.

As I understand it the best buy has been First direct and may still be.

The other thing is if you are not using your MAXI ISA allowance you want savings in cash ISAs so you want a deal that allows you to offset them as well, don't think the one account has that option.

This way you can build up a tax free POT for the future especialy usefull if you can save more than the allowance once the mortgage is paid off/100%offset

*0.71 on £50k net is £355 so getting the fees back is not the only thing to look at.

Locoblade

getmore4less wrote: »

As I understand it the best buy has been First direct and may still be.

Yup, FD's lifetime offset tracker is currently +0.99% BoE (5.99%) with no fees at all, so already you've more than saved the OneAccount arrangement and valuation fees despite not getting the cashback, then you've got a 0.7% lower rate as well.

loopholer

i started shopping around 2-months ago, it appears the FD deals have got better since then, either that or i missed the no/lower fees offering. for any other mortagge shoppers reading this, the FD offer is pasted below, it does have early repayment penalties but does state "no closure fees"! (suprising), but otherwise it appears fee-free if your joining FD from another lender. Typical legals are £300-£400 for those not in England. I also had a look at some of the mortage cashback sites for a share of the sales commission, but they seemed more risky for little reward, the higher fees cancelled out the cashback.

offset base rate tracker Mortgage (when remortgaging from another provider)

• available on mortgages agreed between 18 August to 31 October 2008 only
• tracks the Bank of England base rate plus 0.99% for the life of the mortgage
• no arrangement or booking fees to pay
• no closure administration fee
• no property valuation costs
• first direct will pay any enquiry fees to your previous lender, money transmission fees and land registry fees
• we also prepare legal documentation for you, in house, provided the loan and property continue to be held in the same name(s) and the property remains as your main residence
• for remortgages in Scotland and Northern Ireland you will need to cover your own legal costs, including land registry and other directly related completion fees. first direct will contribute up to £400 towards these costs.
• your existing provider may charge an early repayment charge or related closure fee
• maximum Loan to Valuation of 80%
• all other product features are the same as the offset Mortgage.