the One Account

billandkez

Hi

My discounted rate mortgage is soon to come to an end and i am looking to remortgage to an an offset mortgage, as i have quite a lot of savings and the savings rates are now so low.

Was almost set to go for the First Direct offset when I noticed the One Account from RBS and their rates seem to be slightly lower.

Anyone have any experience or views on this mortgage?

nrsql

You can get fixed rate offsets from FD.
fixed 3 yrs 4.49% with £99 fee
against RBS
variable 3.75% £1,499 fee.

Even if rates don't go up the fee for the RBS product probably makes it more expensive - depends on the amount you borrow.

getmore4less

The one account has rarely been the best option for anyone.

not up on the current offerings but read through a few of the old offset threads to get a feel.

How are your cash ISA's might want to start them as well, some offsets allow them.

Saran_2

Be aware that the One Account has no clear rate policy at the moment. With rates only likely to go up, it is a gamble not knowing the rational for any changes.

Also, has treated long standing customers very poorly during the 'crunch' both in terms of widening margins and very poor communication as to its intentions.

Offset - good: One Account - Bad

allan673

i was tempted by the one account, but in the end i opted for first directs offset mortgage, with a fixed rate.
i have to say its a brilliant mortgage as far as they go, and i highly recommend them.
its easy to arrange with them.
i find it simple, i opted for capital and interest style repayment, so it runs the same as a traditional repayment mortgage.
i also make small monthly overpayments online too, and the mortgage balance reduces imediately.
plus you have savings so stick them in the first direct savings account too, and this will be offset against the mortgage therefore reducing mortgage interest.

go with first direct, its a no brainer for me, good luck !!!
http://forums.moneysavingexpert.com/showthread.html?t=738625
you may find the above link interesting - its long though but covers all questions.

billandkez

nrsql wrote: »

You can get fixed rate offsets from FD.
fixed 3 yrs 4.49% with £99 fee
against RBS
variable 3.75% £1,499 fee.

Even if rates don't go up the fee for the RBS product probably makes it more expensive - depends on the amount you borrow.

The one account has no set up fee if you apply direct online and because I am looking to borrow less than 50% of my home's value the rate is 3.65%. I know that this is variable though and there is only one way that rates can go

billandkez

allan673 wrote: »

i was tempted by the one account, but in the end i opted for first directs offset mortgage, with a fixed rate.
i have to say its a brilliant mortgage as far as they go, and i highly recommend them.
its easy to arrange with them.
i find it simple, i opted for capital and interest style repayment, so it runs the same as a traditional repayment mortgage.
i also make small monthly overpayments online too, and the mortgage balance reduces imediately.
plus you have savings so stick them in the first direct savings account too, and this will be offset against the mortgage therefore reducing mortgage interest.

go with first direct, its a no brainer for me, good luck !!!

you may find the above link interesting - its long though but covers all questions.

I probably will go with FD and I have already contacted them and they are calling me back tomorrow night to take all my details.

If only they would allow you to offset Cash ISA's, then it would be a no brainer. I may even decidie to forgoe my tax allowances on my ISA and offset it as well

I was just curious to hear peoples views about the One account as it looks similar

stormCat99

Slightly more up-to-date thread regarding First Direct mortgage application process/timings : http://forums.moneysavingexpert.com/showthread.html?t=1697605&highlight=

HTH.