Originally Posted by
Christian and Beccy
It's no different to simply over-paying your mortgage. I've said it before and it's not really rocket science.
Very roughly......
You mortgage payment of, say, £800 is made up of probably only £200-£250 capital, the rest is interest. So, if you can overpay your mortgage by £200 per month, then you will cut your term significantly, saving you £500-600 worth of interest for EVERY £200 you overpay. Thats the rough idea.
As far as I know, the One Account is only beneficial if you have money left each month, which if you do, you might aswell use to overpay a conventional mortgage, provdinig your lender will let you (most do).
yer ive got the overpayment option but you have to go down town and do it every month and i being a bloke just simply forget (cant be arsed the wife says) but the one account aparently does this for you if im right