Virgin/RBS One Account advice...

JBurnie

Hi All,

I'm looking at the One Account, I found this through the Virgin website. It looks like it may suit me.

Im currently with Chelsea on a 6.39% mortgage, and ive got 31 years left. Ive worked out that If I overpay with the One Account I could be mortgage free within 10 years, or 7 years at a push.

Has anyone else already got or did have the One Account, if so can you tell me anything about it?

My credit ratings ok but I could get a guarentor if need be, do they have a strict credit criteria?

Also, my LTV is currently at about 90%, is this too high?

Any info on them would be great.

Thanks
Joe

rinkydinkpanther

I'm pretty sure that One Account aren't offering new accounts at 90% LTV at the moment - think the last info I had from them showing their tiered interest rates had everything above 75% asterisked as for existing customers only.

Welshlassie

I've just been looking at the One Account to see if they would accept us with an 80% LTV and they won't.
It be honest it is highly unlikely you would get a new mortgage with a LTV of 90%. It would need to come down to at least 80% and then you won't get a great deal.
If you do find an offset account which will lend to you at 90% please let me know who they are as I'm really considering ditching out fixed of 6.39%.

getmore4less

The one acount is nothing special there are better offset products out there,

Overpay any mortgage and you will pay it off earlier.


Make sure you have done the one account calculations correctly.

£100k 6.39% over 31y is £618pm, 7y is £1480pm, 10y is £1130pm
2.99%(FD offset) 31y is £413pm, 7y is £1321pm, 10y is £965pm