The OneAccount

Le_Fronc

My current mortgage offer is up soon and I was hoping to move to a RBS (formerly Virgin Money) One Account as I am looking to make use of some of the equity in my property.

I have been calling them up for the last couple of months and they are telling me it will be sometime before they are taking new applications due to "staff training". First it was 9 weeks, then 4 weeks, then a month later 9 weeks again. The last thing I was told was that they didn't know when they were taking new applications!

Does anyone know what the situation is and when they will be taking on new customers?

If this is not likely to occur, are there any other offset products that combine mortgage, savings and most importantly for me, current account?

ACG

There are other lenders who do offset accounts - Yorkshire building society, coventry building society for example - im sure there are others also.

PaulW922

Clydesdale and Yorkshire Bank do as well. However these are now just offsets. The current account mortgage (as per One Account) has been withdrawn by Clydesdale. With the current hold on new applications at One, I do not know anybody who currently offers a true 'current account mortgage'?

Jimbo1976

What do you mean by "use some of the equity"?

Petty much all lenders who offer offset accounts (inc Clydesdale) will allow you to offset any credit balances including current accounts and saving accounts. The net effect is you receive no interest on these but they reduce your mortgage balance meaning you pay less interest on your mortgage.

Offsets are particularly attractive for those with large savings and especially for high rate tax payers.