If you are looking to reduce your mortgage repayments by paying your income into the same account as your mortgage, then the One Account could be the product for you. The One Account was known as the Virgin One Account until the Royal Bank of Scotland bought the brand.
With the One Account, you can combine all of your borrowings into one place, which gives you the benefit of only making one monthly payment for any number of outgoings. With the One Account you have the flexibility of being able to overpay, underpay or take a payment holiday when necessary from your payments.
Some of the benefits of choosing the one account could include:
The cost of your mortgage being reduced overall. The money in your current account automatically reduces what you owe on your mortgage, saving you interest.
Paying your mortgage off early. Any money left in your account goes towards overpaying your mortgage automatically.
Getting a better return on your savings as there is no tax to pay. If you pay your savings into the One Account, you can use them to reduce your mortgage and save interest on a daily basis.
We recommend that the best way to find out if the One Account (or any other mortgage/lender for that matter) is suitable for you is to consult an FSA-qualified mortgage adviser. By filling in our mortgage form you will obtain impartial mortgage advice and a quote, representative of the whole of market, with no strings attached.