The One Account

[Barnet Seagull]

Anyone taken advantage of an offset mortgage and got anything bad to say about it?

Looking to move mine in a while and would be interested.

Ta.

Barnet.

 

[Brighton1]

one account

It's not as good as it sounds. If you want a better option give me a call 01273 612200 Nick.

 

[Hunting 784561]

Anyone taken advantage of an offset mortgage and got anything bad to say about it?

Looking to move mine in a while and would be interested.

Ta.

Barnet.

Yes....DONT TOUCH

A mate of mine got an open chequebook against his £500k house and spunked the whole lot over 5 years.

Very dangerous indeed, dont touch even with someone else's bargepole.

 

[Barnet Seagull]

interesting... Looks like I'll be speaking to my IFA.

Cheers guys

 

[Rangdo]

Re: Re: The One Account

Yes....DONT TOUCH

A mate of mine got an open chequebook against his £500k house and spunked the whole lot over 5 years.

Very dangerous indeed, dont touch even with someone else's bargepole.

It's not the One Account's fault your mate is an idiot though is it

I did look into it but the problem that I found is that you pay for the flexibility with the interest rate.

I managed to get a mortgage that allows overpayments at over 1% less than the 5.75% One was offering at the time.

What you've got to ask yourself is will the amount you have sitting in your current and savings accounts offset against your mortgage save you more than the extra you are paying in interest that allows you to offset.

If you have a 100K mortgage then I think you are paying about £80 - £100 a month in extra interest.

 

[Hunting 784561]

Re: Re: Re: The One Account

It's not the One Account's fault your mate is an idiot though is it

I did look into it but the problem that I found is that you pay for the flexibility with the interest rate.

I managed to get a mortgage that allows overpayments at over 1% less than the 5.75% One was offering at the time.

What you've got to ask yourself is will the amount you have sitting in your current and savings accounts offset against your mortgage save you more than the extra you are paying in interest that allows you to offset.

If you have a 100K mortgage then I think you are paying about £80 - £100 a month in extra interest.

Idiot, no. His business ran into trouble.....there is always something that you can spend the money on.

It makes more sense in the long run to live within your means without using your house as a turbocharged piggy bank

 

[B.M.F]

Re: one account

It's not as good as it sounds. If you want a better option give me a call xxxxxxxxxxx Nick.

Would not leave your number onhere mate as it will be open for abuse

 

[Rangdo]

Re: Re: Re: Re: The One Account

Idiot, no. His business ran into trouble.....there is always something that you can spend the money on.

Ah well thats different. Saying that "he spunked the whole lot" implies he went on some kind of massive bender ivolving fast cars and loose women.

It's always a bad idea to start dipping into the capital you've built up on your house. However, any bank will allow you to do it easy enough not just the One Account.