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One Account Vs. First Direct Offset
aunat
Posts: 29 Forumite
I am absolutely sick to death of trawling through thread after thread to find my answers..!
My mind is set - I definitely want an offset mortgage as I tend to pay my mortgage off (First Time Buyer) as quickly as possible...
Do I either;
Go through a One Account which is currently at 3.75% from the 1st April, which the woman told me on the phone is linked to the "Worlds' Bank Interest Rate", or
Go through a First Direct Offset which is currently at 2.99/3.00% fixed for two years, which is linked to the BoE's Interest rate?
Why would First Direct offer an offset mortgage with a lower rate and with the flexibility of paying your mortgage off early? (exempt from the first 2 years). Does that mean with a First Direct Mortgage my "monthly payments" are still coming down, even though it's on a fixed rate? That's something I can't get my head around.
I've heard nothing but praise for First Direct, and nothing but annoyances from The One Account.
Ps. I've figured out I can pay my mortgage off in less than 3 years. (£70,500 Total) and have £15,000 deposit.
Any thoughts very very welcomed.
My mind is set - I definitely want an offset mortgage as I tend to pay my mortgage off (First Time Buyer) as quickly as possible...
Do I either;
Go through a One Account which is currently at 3.75% from the 1st April, which the woman told me on the phone is linked to the "Worlds' Bank Interest Rate", or
Go through a First Direct Offset which is currently at 2.99/3.00% fixed for two years, which is linked to the BoE's Interest rate?
Why would First Direct offer an offset mortgage with a lower rate and with the flexibility of paying your mortgage off early? (exempt from the first 2 years). Does that mean with a First Direct Mortgage my "monthly payments" are still coming down, even though it's on a fixed rate? That's something I can't get my head around.
I've heard nothing but praise for First Direct, and nothing but annoyances from The One Account.
Ps. I've figured out I can pay my mortgage off in less than 3 years. (£70,500 Total) and have £15,000 deposit.
Any thoughts very very welcomed.
0
Comments
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Nobody....?0
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I can't talk about the one account but the FD offset is brilliant. I like the fact you can link as many accounts as you want to the mortgage so you don't have to take everything out of one pot.
the only slight issue I have with it (and its really small) is that they don't automatically adjust your SO when the interest rate changes - you have to do this manually but other than that I love it0 -
aunat stated " I am absolutely sick to death of trawling through thread after thread to find my answers..! "
? Will this encourage other people to give you the answer you seem unwilling to find yourself?? Sigh! I wonder...
If you have heard a very positive stuff about First Direct & nothing but annoyances from One Account - what further advice do you need than that you could work out for yourself?
Cheers!
Lodger0 -
as above ^
i'm with the One Account and if FD didn't have such a high setup fee, i would switch tomorrow....0
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