One Account advice

philb3374_2

I'm hoping someone can offer me some advice on my One Account mortgage.

House value: £110,000
Current facility: £55,000
Outstanding 'mortgage' £58881
'Savings' £21485
'Current a/c' £4776
Mortgage balance £32620

I'm currently paying interest of approx £195 per month and overpaying the 'capital' element, reducing the mortgage by £550 per month. Interest rate is currently 6.60%. My calculations show that if interest rates remain the same and I carry on paying the same amount each month (interest element reduces and captial part increases as balance reduces) it will be paid off by May 2012.

Whilst this looks fairly good to me I'd be interested to see if there are any better deals on offer. I like the way the One Account works as any cash that I have in my pretend current or savings account reduces my interest each day so I'd like to keep to a similar product.

Salary of approx £2800 per month paid in, with £600 left each month

Any help greatfully received!

getmore4less

Just about any offset mortgage will do what you want, just look for a lower rate and check the overall cost of any fees.

Shame you did not post/read the boards a couple of weeks a go great deal from First Direct.

Just keep looking for a better deal from the offset providers,

FD, Barclays, etc. no fee deals seem to be a bit thin on the ground.

Jonbvn

IMHO, with interest rates set to plunge, the interest rates on offset deals are now looking quite poor. Depending on your circumstances, it may be beneficial to even consider changing to a normal tracker repayment mortgage, and put your offset money into a fixed rate savings account.