One Account Mortgage
The One account owned by the Royal Bank of Scotland and formerly branded pure One has carried off award for best customer service in both the mortgage and current account categories with its innovative account. The One Account launched as a pilot in 1997 and then as a full roll out to the public in 1998, the Virgin One account was the first of the new breed of current account mortgages. According to spokesman Scott Mowbray that flexibility and offset products are all the rage. The One account puts all finances Mortgage, loans, savings and current account in one place, saving money and keeping things simple.
The customer pays a single low interest rate on all borrowed funding, whether it is mortgages, loans, credit cards or all three. No tax is paid on any savings interest and the client can manage their finances by telephone, Internet or bank branch. The One Account mortgage states that this account could save the consumer thousands of pounds. The Customer can contact the One account in a variety of ways. They are by applying online, email, click to call or through a text chat with a member of their team on the Internet.
The One Account loan will be given in a simple way. A current account mortgage loan or offset mortgage, allows customer to deduct the savings hold from the capital of customer's mortgage. This can be done through a number of methods, but typically in the form of a current account into which customer's income is paid and outgoings taken out of. The balance of this account is deducted from the capital of customer's mortgage loan, with interest calculated on a daily basis. This allows a current account mortgage holder with disciplined saving to achieve potentially lower interest repayments.
Current One Account mortgages may not necessarily for everyone, as the bank can charge higher rates of interest when compared to other types of mortgage. However, for those with savings or an amount of surplus income, bank can provide a faster and cheaper way of paying off a large mortgage. The One Account Mortgage puts all customers money in one place and helping to Cut the overall cost of customer's mortgage, Pay off customer's mortgage early, cut the cost of customer's personal loans and credit cards.
