One Account rates cut

yus786

I've been with the One Account for 7 years now but maybe it's time to leave.

I'm looking at ING ...

bunking_off

jackarmy wrote: »

According to the RBS intermediary site the account is closed to new customers.

Seems a bit strange that as of Tuesday afternoon (at least) they were still advertising it on TV, then...

Digsy00

Hi all
I've been with the OA for 8 years, a very good flexible product, but as they are not reducing the rates, I've decided to leave. If that's their plan to reduce the morgage books fine, but I'll make sure I'm in a better position because of it.
Nationwide are currently offering a Variable Base Mortgage Rate which is currently at 1.69 above BOE base. it isn't a tracker, but GUARANTEES to be no more than 2% above BOE base rate. There is also no collar. No setup or admin fees (except I think a 95 fee for closing the mortgage).
Looks like the best on the market at the moment. Overpayments, underpayments and payment holidays are allowed, so almost a flexible as the OA. Interest calculated daily
The only other offering which comes close is the First Direct tracker, but they don't do the same income multiplier so I can't borrow enough to pay off the OA, otherwise I'd be going with them.
I plan to make substantial overpayments in the next 2 years while interest rates are going to be very low.
Cheers
Digsy

serendipity101

Has anyone ben lucky enought to get an answer from The One Account regarding a reduction to their SVR mortgage rate.
Have tried ringing but only get as far as being told 'they are waiting to be told from Head Office' ahhh................it is so frustrating.

jackarmy

http://www.rbsip.com/one-account-01.asp?page=ONE-ACCOUNT/PRODUCTS


Here's the link as at 20.32 hrs Thursday 20th November 2008

Nikki29

If you go to flexibleoneaccount.co.uk and click on the one account mortgage calculator, when you put in the BOE base rate of 3% it gives a one account iterest rate of 4.8%...and thats not what im paying. Ive contacted one account and thay are going to look into it, either the rate has been cut and nobody knows, but more likely they have the rate linked to the base rate and haven't changed it, just a little misleading!

magburner

This isn't a One Account web site, it is a mortgage broker who clearly have their numbers wrong

Digsy00

Very interesting, I found this link
https://service.oneaccount.com/DAPP/fmocurrent.do
which indicates that the rates offered are 6.05% or 5.74% to new borrowers for 12 months?
what's that all about?

lrr_2

This is totally new! Looks like they are passing it on to new customers and not us!

rinkydinkpanther

Digsy00 wrote: »

Very interesting, I found this link
https://service.oneaccount.com/DAPP/fmocurrent.do
which indicates that the rates offered are 6.05% or 5.74% to new borrowers for 12 months?
what's that all about?

Hmm, that link (designed for non-customers) quotes their typical rate as 6.05% rather than the 6.2% it still quotes on the customer site. So it looks like they are passing on a cut of one tenth of the BOE cut (0.15% against 1.5%). Not exactly generous is it ?

They also appear to have increased their max LTV for new customers from 75% to 85%. The 12 month intro discount rate of 5.74% for new customers (a 0.31% cut off their quoted typical rate) now comes with a £499 arrangement fee (was previously zero).

I just wish they'd announce it properly, so that I can start planning accordingly.