The One Account

shamac

Anyone any experience of this mortgage offsetting account good or bad???

lovethymini

We're with the One Account, have been for years. Service very good, (although interest rates not as competitive as First Direct). Good online website, good customer service. Wouldn't have a normal mortgage again.

Offset mortgages are very good but you have to be disciplined! We use cashback credit cards through the month for food, fuel and purchases, to leave our money in the offset account for more benefit, then pay off at the end of each month.

shamac

Guess having direct debits come out as late in the month as possible is good as well? How many years do you reckon you have saved? Calculator seems to knock 8 years off ours-seems too good to be true to be honest!

lovethymini

Well, the last house we had turned out to be a complete money pit, needed tons of maintenance work, and we sold it last year at a loss, but our next house which we get the keys for on Monday (woo hoo!) will be different, and when I did the calculations it told me 8 years early too.

I think if you make it a focus you could pay it off quicker, the MFWs are a real inspiration! Yes - the longer money stays in the One Account the less interest you pay, it all helps.

I've just done a SOA and realised we spend £650 per month on our cars :eek: so I've sold my lovely Megane and raised £6k for the mortgage pot. That should help!

Lovethymini

mumcoll

We have One Account, opened in Nov 2004 with a 31,000 mortgage. We paid that off in January this year by overpaying most months. It is really easy to use and we have been happy with it. You have to get used to seeing your balance with a big D at the end! We now have a balance of £2.5k in credit and also put the amount we were paying to the mortgage into an ISA. We also buy everything on credit card and pay off at the end of the month.

mark13

Have been with the OneAccount for over 10 yrs and have ported the mortgage to different properties several times without any problems. I have seen my mortgage decrease substantially and if things go to plan it should be paid of soon.. hooray.
I'd recommend them, its very easy to use though you do have to be disciplined and understand how it works ( I dont think my OH fully understands the overpaying principal )
The customer service is excellent and the website has always been available for online banking.

Bellalolo

Always been good for us and we have been with them 5 years. Online account lets you break down your money into plans which is helpfull at times.

If you decide to go for it try and find someone you know with them already to recommend you and they get £125 which they would hopefully split.