The One Account - Help Required Please

suzanne621

Hi,
This is my first time on the forum, and I am hoping that someone may be able to give me some advice as to the One Account. I am about to re-mortgage (in the next 3 months) and this looks like a really good option. I have phoned them and got all the information - sounds very good, pay off mortgage 13 years early and 41,000K cheaper. Is this too good to be true?? Am I missing something? Should I stick with normal mortgages?
Any help would be gratefully appreciated.
Suzanne

Mr_helpful

It depends. If you are the sort of person who wants to "throw everything" at the mortgage to get rid of it or have a fair amount of savings it could be good. I have always found their service excellent but it might be an idea to consult a fees free independent mortgage broker first

silvercar

Many other lenders offer offset accounts apart from the One Account. It is important to check you are getting the best interest rate, also consider whether you want fixed or discounted rate etc.

MarkyMarkD

Most of the information they use to market the product is misleading IMHO. All this stuff about saving money and paying it off years earlier is based on vastly overpaying and could be achieved exactly the same by choosing a shorter repayment term on a standard mortgage product - but cheaper, because One Account's rates are not competitive with standard rates.

homer_j_3

choosing a regular mortgage with overpayment facilities and a drawdown facility may equally be as good for you.

Consult a professional adviser who will be able to work out which route is best for you if you are unsure

MarkyMarkD

homer_j wrote:

choosing a regular mortgage with overpayment facilities and a drawdown facility may equally be as good for you.

Consult a professional adviser who will be able to work out which route is best for you if you are unsure

I said "thanks" to your post, homer_j, but I would actually say "equally be as good if not better for you".

homer_j_3

true- the day is taking its toll lol

Mr_helpful

Suzanne
The one account often confuses people because there are two types, the true one account and the flexible mortgage option both of which are flexible but the FMO comes with various discounts and free legals and valuation. You can then get a free upgrade to the full one account. Unfortunately almost everyone on this board is obsessed with interest rates and saving the last penny which can make one blind to other things. The one account is a very good product with good customer services to back it up however it will not suit everyone so it has people who knock it as well as those who love it. Discuss your needs with an independent Mortgage adviser and be certain that its the product you want. To give good advice any adviser needs to know the ins and outs of your finances and wishes for the future. That cant be done on a board like this and you will attract far too much amateur advice which could be very dangerous indeed.