The One Account

Burlesque_Babe

I've done a search but can't find anything specific, so will ask....does anyone use The One Account for their mortgage/current account/borrowing etc? If so, are they a good choice? Or does anyone have any views etc on them generally.

I'm possibly thinking of moving to them and wanted to see if anyone had any experience of them , good, or bad.

innovate

If you do a Forum search with "oneaccount", you will find quite a few threads.

My experience is here. Feel free to PM me if you have any specific questions that I haven't answered in my post.

Burlesque_Babe

many thanks - I was searching on one account rather than oneaccount - it was bringing up hundreds of unrelated threads!!

I'm just keeping my fingers crossed I'm accepted!

rich_the_moneysaver

I`m still with the One Account after 2 years. I did have my mortgage with them ,but decided that unless you have capital knocking about in your account it really is expensive borrowing!!

At the moment you have to pay up to 6.45% for 95%- 99% loan to value and that is very expensive!! Their cheapest is 5.60 % for 50% Loan to value and that also can be undercut.

In my experience you find that your actual balance may not reduce as quickly as say a straightforward repayment, as you are supposed to leave a set amount in the account each month to cover your mortgage interest + a proportion of your capital outstanding. Obviously, when they state that you have lets say up to £10000 available within your set limit (they give you this as a buffer when you open your accopunt) it is very easy to eat into this available cash!!

I now use it as a stand alone current account (if you cancel the account within the first 3 years there is a £75 charge!!)and my mortgage is with Standard Life on a 4 year fixed rate at 4.65% (commenced a year ago with £299 fee-- I`m afraid the arrangement fees now for most fixed rates are absurd- some are up to £799!!)

I have used the One Account for their Plus One deals :-http://www.oneaccount.com/onev3/service/plusone/service-plus-deals.html
which has saved me money, so all in all not a bad way to go-- but not for putting your mortgage with them -unless you can be very very disciplined!!
Hope this helps!! :j

herbiesjp

Whether it is good for you or not will depend on whether you wwant to combine all your banking into the one account, or whether you would just like the flexible options and the ability to offset.

If you do not want the offset ability, or all banking to run from the same account you may be better off looking at normal flexible mortgage options - however one account have just come out with some new deals.

Tony_Cresswell

richthemoneysaver has said all I might have been able to, but we have a one account.... account, and while finance and borrowing is NOT my subject the advice is that we are borrowing at a high rate. We have a facility of some £105k which is about all out now.

I am big-time thinking of going elsewhere as we are paying quite a lot, so I can hardly recommend them can I.........?

I am looking elsewhere and hope to gain the clues through moneysavingexpert!

Good Luck

TC

Burlesque_Babe

many thanks for the comments.....I will wait to see if I'm accepted and see what happens from there.

I'm quite naive when it comes to the world of the mortgage...i know a bit (the basics or repayment and endowment mortgages) , but nothing about offset mortgages.....I was really screwed when I took on my current deal when I split with my partner, but I had a poor credit record and took the first mortgage I was offered by the financial advisor (I'm with GMAC-RFC) I want out, big time, but I'll wait to see if I'm accepted first, as I've just about cleaned up my credit record and since the split it is immaculate with just the past settled defaults still showing.

Now I have my head together I'll really be able to read thoroughly any offer i'm made without being pushed as I was by the financial advisor.

[Deleted User]

Have you looked at Intelligent Finance ? They have an offset mortgage like the OneAccount but their rate is much better (check out the fees though). I went with them 3 years ago and they were cheaper than OneAccount.

elliot330

Hi Keren,

I am too a one account customer, and currently have a large mortgage with them. However, I am about to move to a fixed rate mortgage, for two reasons.

1, To save myself £200 a month in repayments...

and secondly the most importabt for me,

It is very easy to keep borrowing upto your agreed facility, thus turning it into an interest only mortgage. The idea is good, and probably works for most people, just it didn't for me.

Just make sure you stay "ahead or your plan" and all should be ok

Elliot

leofricfb

hello karen!

Have you got someone you know with a onaccount!? If not, and if you want to, yo could contact me on leofric10449@hotmail.com and if you tell oneaccount that i reccommended you , i think we would both get £125 free from them!

hope it all works out for you! I love oneaccount!!!

bunking_off

See

http://forums.moneysavingexpert.com/showthread.html?t=111061
http://forums.moneysavingexpert.com/showthread.html?t=102867
http://forums.moneysavingexpert.com/showthread.html?t=84301

In general I'm a huge fan of the One Account...but for the right people.

The thing is, exploited to its full extent, the One Account can be very cost effective. However, the major drawback is you can get yourself into an awful lot of money. Keren, given you say you're naive when it comes to mortgages - in this situation I'd be a bit wary that the One Account may not be for you, because you won't have the "hand-holding" of a bank demanding their set payment every month, so could easily spiral out of control. Think of the difference between running a standard mortgage and a One Account being analogous to the difference between taking A-levels and a university degree - perhaps not a huge step in difficulty, but suddenly you don't have the safety harness of someone (teacher, bank) reminding you to do your work (leave some money aside to pay the loan down, and not by a Ferrari). Just as this leads to a fair few university drop outs, I'm sure the One Account leads to fair few people with higher debts than when they took one out.