[Closed] The 'One account' worth the change?

depends. I find it works for some clients but not for others. There are a lot of current account/offset mortgages out there but you also need to consider if you want to be linked to bank base rate/variable rate at the moment or not.

Find yourself a whole of market mortgage advisor who can look at all the options (Independent isn't the same as whole of market).

I can help if you can't find one local to you, my e-mail is in my profile.

if you are talking first direct been with them from the start and for a bank could find no reason for leaving them, keep forgeting my password but they cannot help me with that

On the recent mortgage reviews we've had, "One" accounts have always been discouraged, not 100% sure why, just been put to us as a bad idea.

No personal experience, so will be interesting to see others more informed opinions.

My advice to anyone re mortgages is always to remember the life/crticial illness insurance side of things - never assume "it'll never happen to me....".

Missingfrontallobe - Maybe because they are a mortgage for life if set up correctly for the client in the first place and some advisers don't like the fact that they will find it difficult to move the client to a different lender every few years, which is not doing right by the client.

Well said re the insurances. I've seen lots of people assume it will never happen to them and then it does, to late then 🙁

I looked into these a few years ago, based upon a colleague who was adament that they were quids in.

I created a spreadsheet which calculated a mortgage over 25 years, monthly - put in all the usual in's/out's.

Because the mortgage rate was always higher than normal, you never got the difference back without a vast, vast offset.

Do the sums.

Qualification - this was before the credit crunch and when normal mortgage rates were commonly only 1% above base rates and one-account rates another 0.5-1% over that.

[i]My advice to anyone re mortgages is always to remember the life/crticial illness insurance side of things - never assume "it'll never happen to me....". [/i]

But again, look at the costs, and equivilent products.

Food for thought, thanks guys.

bigsi - Member
Well said re the insurances. I've seen lots of people assume it will never happen to them and then it does, to late then

Well, I'd have said that was me until last year, but then "the worst" happened, and I was diagnosed with a brain tumour. For a reasonable monthly outlay we received a payout which cleared the mortgage, and also gave us a considerable lump sum, which is currently sat doing not a lot due to the abysmal interest rate.