Change from One account or not?

lolly1963

Hi,
We have had the one account for some 8 years now. Has worked extremely well for us and hubby is higher rate tax payer, so tend to leave mostly everything in the account.
When we first started the interest rate was very competitive. We are now in a position that it would be paid off in some 2 years or a bit longer.
Would we be better off changing to different provider (which has no charges to do so)?
I was thinking about the ING fixed rate for 2 years, but can you overpay as you can with the One account.
Would we benefit by changing the account now? We only owe about 27,000 at the present.It is very hard or us to work out the calculations as we overpay, i dont know if we would benefit by much or wether it is worth all the hassle to change, but money saving is the game here..
Any advice would be greatly appreciated.
Many Thanks.

AndyWallace

lolly1963 wrote:

Hi,
We have had the one account for some 8 years now. Has worked extremely well for us and hubby is higher rate tax payer, so tend to leave mostly everything in the account.
When we first started the interest rate was very competitive. We are now in a position that it would be paid off in some 2 years or a bit longer.
Would we be better off changing to different provider (which has no charges to do so)?
I was thinking about the ING fixed rate for 2 years, but can you overpay as you can with the One account.
Would we benefit by changing the account now? We only owe about 27,000 at the present.It is very hard or us to work out the calculations as we overpay, i dont know if we would benefit by much or wether it is worth all the hassle to change, but money saving is the game here..
Any advice would be greatly appreciated.
Many Thanks.

Higher rate tax payer and a 27k mortgage. Stay as you are. There would be admin fees payable to come out of your one account, which is quite low if I remember correctly, but there would also be a final admin fee on any new mortgage you take out.

It's okay to save money of course, but you sound like a mate of mine who comes out on a Friday night with a fiver in his pocket!


Andy

lolly1963

AndyWallace wrote:

Higher rate tax payer and a 27k mortgage. Stay as you are. There would be admin fees payable to come out of your one account, which is quite low if I remember correctly, but there would also be a final admin fee on any new mortgage you take out.

It's okay to save money of course, but you sound like a mate of mine who comes out on a Friday night with a fiver in his pocket!


Andy

LOL!!
Being a woman eh, i like tight purse strings...heheheee...but no we are definitely not tight.....
My 15 year old has expensive taste and thinks ours grown on a tree in the garden....he is already claiming husbands car (or so he thinks) in 2 yrs time. When i said 'what about Dad getting to work' Oh he said...Dad can just buy another one.......the children of today are definitely another generation!
Cheers

AndyWallace

Only kidding with ya. I don't think you should be moving a 27k mortgage about to be honest.

Andy.