Virgin one account

lobsterthang

Hi,

Im new here so go easy on me:p

My current and particularly crap mortgage deal ends in November and although it is still some time away im on the hunt for the best deal.

Our house is worth 110,000 and we owe 103,000 currently on a 6.23 fixed rate til november with alliance and leicster.

Looking around on different sites i came accross the virgin one account a brief summary of my financial details and they estimate that they could shrink my mortgage by 14 years and save me approx £35,000 in interest!

Now this just sounds too good to be true so im wondering if anyone knows or has any experience on this? you basically have mortgage, current account and savings in one account and they offset the mortgage in some way?

Any help offered would be greatly appreciated on either the one account or best way forward

Cheers Louise

happybroker

to try and help you avoid a) wasting much of your time and b) getting really up for the benefits that an off set arrangement can provide if you have quite a bit of money sloshing around....you wouldn't qualify for a remortgage with a loan of £103,000 against a valuation of £110k..............sorry.

DJ1UK

Virgin One only accept a LTV of 75% or lower as far as I know.

lobsterthang

I could afford to pay off approximately £5000 in january when i can overpay up to 10% of the loan value, but i guess even then i wouldnt have a 75% LTV, oh well i knew it sounded to good to be true, thanks for saving me alot of time
Louise