I work full time and have a 'house husband' and three boys. My life is busy with 'family stuff' bu...
I work full time and have a 'house husband' and three boys. My life is busy with 'family stuff' but fulfilling.
Member since:07.10.2002
Reviews:3
We took out a One Account over four years ago and already have 'paid off' our mortgage. Basically this account is like a giant overdraft where you combine all your debts into one account and counteract this by putting in all your incomings and savings. Every penny you own/earn works to pay off your mortgage. Your 'facility' is the limit of your account or the amount you borrow on your home. You leave an amount in your account every month equal to your mortgage payment and anything extra, however small, also reduces your mortgate. If you put in your savings, this also reduces how much you owe and how much interest you pay, but you still can draw this out whenever you need. The amount you save in interest outweighs the interest you would earn having money in a savings account. You can reduce your facility as the amount you owe goes down to stop yourself overspending. You can also increase your facility if you need to. We want to self-build and are looking for a piece of land. We increased our facility enabling us to look for a plot and be able to buy one without having to sell our home first.
The online banking facility is simple and effective. You can use the standard layout or you can customise the screens to help you divide your money into different areas or 'pots' of money, so you can see how you are spending/saving. Online transactions are also simple. The phone banking service is also good. Staff are polite and helpful and do what they say they will.
I would recommend this account to people who are sensible with money. If you run out of money half way through the month, then this account is not for you.
Its the best feeling in the world to be able to say you own your own home!!
How helpful would this review be to a person making a buying decision? Rating guidelines
Advantages: Paying off your mortgage quickly and saving you thousands of pounds Disadvantages: You need a lot of common sense and future vision to benefit from this account
gazereth 31.05.2008 (28.10.2009)
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Ciao members have rated this review on average: helpful
Review of The One Account
Advantages: Paying off your mortgage quickly and saving you thousands of pounds Disadvantages: You need a lot of common sense and future vision to benefit from this account
Jul 4th, 2008
very helpful by (22%):
helpful by (78%):
