Website: One Account
Phone: 08456 000001
The One Account mortgage isn't really a mortgage- it's a complete financial lifestyle covering all your day to day savings and borrowing needs. If flexibility is more important than financial choice, and you're a big borrower and saver, then this might suit. Otherwise try a classic mortgage-only deal.
The One account mortgage isn't just a mortgage- it's a financial lifestyle. It's a relatively new type of financial product, whereby by merging your savings, credit cards, loans and mortgage into one account; you can thereby offset your borrowings with the interest you'd otherwise earn on your savings. Since this 'offsetting' is secured against your home, any loan you take out is mortgage rather than loan shark rates.
This is all well and good, and is a popular new trend- but it doesn't suit everyone. For starters, there's only one One account (you still with me?), and whilst it's flexible, it's therefore not designed with you as an individual in mind. An old style mortgage may offer you other benefits of value. Plus of course, if you choose another financial services provider for other things (e.g. credit cards), then that's your benefit out of the window. Similarly, if you're someone who doesn't have any savings at the end of the month, you won't get any offsetting anyway!
Note also that the mortgage rate is not clear from the site- be sure to ask questions before you sign. All in all, the One account, and its flexible cousins from other providers, is a fine product and will suit many people; but it's not a quantum leap in savings- and by definition one account means putting all your eggs in one basket. The One Account mortgage is not available on right-to-buy properties.
