anyone using a Offset Mortgage Natwest ONE

happylife

Got 26K to go on my mortgage and want this paid off..:mad:

thinking about moving to a offset mortgage as I have some emergency funds available which are in a high interest account.

anyone else use a Offset Mortgage such as Natwest One, the minimum they will lend me is £30K but I can pay the £4k back as soon as it's open.

I'm a bit worried about the ease of being able to take money out and spend spend spend,, So I need to be a bit more disciplined...

I can get this paid by few years using offset!! :beer:


Happylife!!:D

wymondham

I've not got a NatWest One Account, but do have the One Account (I think they might be the same since both owned by RBS?). See this thread for discussions on this:

http://forums.moneysavingexpert.com/showthread.html?t=587535

any queries etc let me know and I'll do my best to help!!

You need to be a LOT more disciplined with these accounts . I was in a similar boat and paid off £17k on day one, and you're borrowing a very small amount so the higher interest rate won't really apply too much to you. Good Luck in your findings!

moo2moo

We went with the Virgin One account five years ago and promptly cut up the cash and visa cards. Takes away the temptation. Everything we earn goes straight into the account. All the bills go out by direct debit or standing order and we allocate ourselves £80 each in pocket money a month to pocket money accounts to cover all those eventualities which require physical cash.

To actually spend money from this account requires the writing of a cheque or a phone call to them. Other half has a memory like a sieve and can never remember the letters or numbers of the 3 different passwords required to use this service. Result is our interest repayments dropped (had a very expensive mortgage to start with) and you overpay without realising purely because its too much hassle to try and get money out, although if you're determined enough I'm sure you'd manage.

The upside is its also flexible enough that should you really need to you can borrow additional funds to cover some unforseen disaster without worrying about finding the money or being penalised by making an early withdrawl from a high interest notice account.