i no its nothing to do with cars but been pondering over this type of mortgage just wonderd if any body has one and does it work out how they say it does

 

surely sumbody must have one

 

http://www.oneaccount.com/

 

thanx already been on just seems to good to be true just wonderd if anybody was on this mortgage and if its on track for them

 

Can't help you directly with answers but try contacting user " Dayle" on here ?

His g/f works in their offices.

Not sure what help that will be but maybe she has some stats available.

 

cheers will do

 

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, Ł800 is made up of probably only Ł200-Ł250 capital, the rest is interest. So, if you can overpay your mortgage by Ł200 per month, then you will cut your term significantly, saving you Ł500-600 worth of interest for EVERY Ł200 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

 

For the amount of money you're saving, surely you/she can be arsed? I'm hoping to be able to over-pay our mortgage by at least half of the capital each month as I don't want to still have it hanging over our heads when we are in our 60's.

Why not pay money into a separate account (ISA for example), by standing order and then pay a chunk off the mortgage once a year? That's easy.

 

lol never thought of that good idea thanx

 

most have a limitation of how much you can overpay before fees becomae payable, so doing it in chunks is not necessarily a good way. why not just do it monthly with a direct debit? you are on the internet to ask the question, just use internet banking

 

I know a few mates in the Navy who have found the one acount mortgage VERY good but thats linked to thier circumstances as they go away for 3 months at a time without the ability to spend any money (direct debits excluded obviously) and the money theyve saved on interest makes it well worth it.

 

going to my bank cos they do one very sim called natwestone have a good bloody listen and think cos owt that u have to comitt to i shite my self about it lol