One Account Mortgage
Introduction to One Account Mortgage
By bringing together your mortgage, current account, savings, loans and credit cards, the One account can help you make your money work harder and reduce the amount of interest you pay on your borrowing. It's very simple, but the effect it can have on your finances can be quite amazing.
Reduce the interest you pay on your mortgage
Just by paying your income and savings into the same account as your mortgage you're reducing your mortgage balance, so you only pay interest on the lower amount. This could save you a fortune over time and help cut years off your mortgage.
And as the One account is like a normal current account, you can get hold of your cash anytime you like. It's the same with your savings – when you need them, they’re there.
Save money on your other borrowing
You can transfer other borrowings to your One account, so you only pay one low mortgage-style interest rate on everything, cutting your monthly interest bill. There's no need to pay sky-high rates on loans and credit cards.
Get complete flexibility in managing your finances
Because the One account is so flexible, you can overpay to clear your mortgage quicker, or underpay or even take a break from your payments if you need to – without having to juggle your finances or leave yourself short.
Plus we’ll give you an agreed borrowing limit (your ‘facility’) that you can withdraw up to at any time, just like a pre-agreed overdraft. As long as you repay your mortgage by the time you retire and stay within your borrowing limit, how you run your account is up to you.
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