One Account - anyone use this?

keza

does anyone have a one account thats meant to shrink your mortgage?

Just wondering if its easy to use and if it really does reduce your mortgage time considerably?

I think i understand how it works but feel free to give any advice on it as me and my fiance are considering it to remortgage with next year.

thanks!

getmore4less

Better offset products out there.

It mainly works by overpaying just like any other mortgage.

The current account offsetting benifits are quite small once you take into account having your money in interest bearing account.

have a look at First direct and Barclays to start with then a few others.

lrr_2

http://forums.moneysavingexpert.com/showthread.html?t=1209517

figgles

I've had one for 10 years and still think it's an excellent product. If you are good with your money then I still recommend this. Admittedly the rate setting policy isnt exactly clear at the moment (that's an understatement), however others that seem competative now may not be so competative when interest rates go back to 5-6% (i.e. a lot out there are base + 2.49 or 2.99 meaning you would be paying 7.49%+).