the one account??????

yamahar1_2

hi, newbie here!!
could anyone please give me any info on a mortgage called the one account?? sounds too good to be true!!!! many thanks...

vwjo

Um, I'm not the brightest at this but - the Natwest One Account seems to be a current account mortgage, but the benefits would seem to be as great if you were making substantial overpayments on a regular mortgage..... I dunno - looked ok to me, but partner didn't fancy it!

Gorgeous_George

The OneAccount is a masterpiece of marketing.

The interest rate is usually higher than can be secured elsewhere.

The early mortgage completion is down to your overpayments/savings/high current account balance. It is not down the the one-ness of the account.

Most of use mere mortals have small current account balances - negligible effect on mortgage completion date.

Savings can be invested in ANY offset mortgage account and in ISAs that pay a higher interest rate.

When the OneAccount asks for how much you can save, it means EVERY month.

I don't think anybody with a OneAccount has the best mortgage available to them.

Maybe it's just me.

GG

micken

I got applications for NatWest One and First Direct 1st offset accounts.
I also looked at a range of mortgages and have settled on a HSBC remortgage.
I'm keeping all other monies separate from my mortgage and will organise my own financial arrangements. Seems to be more cost effective.

Agree with Gorgeous (he or she is lovely :rotfl:) and it's just my tuppenceworth.

homer_j_3

The one account with the current account features are excellent if you leave a lot of money in your current account everymonth but as GG has said - offset or other flexible type mortgages can be better.

The idea with the one account is that you set all your bills for the last day before your mortgage payment is due and use a credit card to live off and then you repay the card back before interest accrues.

This account is for the financially strict but I would seek advice to see if there are other solutions.

wymondham

This link goes into the Account in some depth, have a read to see how it works etc...

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

don't read into the projections you get from their site as they assume an ideal scenario, month after month... whilst it can be good, it depends on circumstances as to how good!!

some love it, some hate it, you'l have to decide, but have a look on the mortgage free board and see how many posters who have finished their mortgage did it using this account...

wymondham

yamahar1 wrote: »

hi, newbie here!!
could anyone please give me any info on a mortgage called the one account?? sounds too good to be true!!!! many thanks...

gone all quiet?

smokey77

Hi

I have been reading the long thread about the one account and am wondering it sounds very interesting but is the interest rate variable or fixed?

Thanks

wymondham

smokey77 wrote: »

Hi

I have been reading the long thread about the one account and am wondering it sounds very interesting but is the interest rate variable or fixed?

Thanks

variable rate

smokey77

Thanks, so basically it could rise and rise but also go down depending on the financial climate. We were looking at a fixed rate with Britannia but then I saw this, am unsure now because it looks quite attractive

wymondham

smokey77 wrote: »

Thanks, so basically it could rise and rise but also go down depending on the financial climate. We were looking at a fixed rate with Britannia but then I saw this, am unsure now because it looks quite attractive

yep, they are pretty good with going down and up, although the recent reduction was not passed on (covered on another thread)... what are your circumstances?