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Monday, February 19, 2007

The One account

Is there a way I could repay faster my mortgage and lower the amount of interest I pay on my borrowing?
Yes, it is called the One Account.
How does it work? It's very simple, but it can have amazing consequences on my finance.
It brings together my mortgage, current account, savings, loans and credit cards.
It works when I have together, into the same account, my income and savings as well as my mortgage. In this way I can reduce my mortgage balance and pay interest on a lower amount. This helps me to save almost a fortune over time and cut years off my mortgage.
The One account is like a normal current account, infact I can get hold of my cash anytime I need, just like if they were my savings.
And if I happen to have some extra money, I can transfer it to my One account, so I only pay one low mortgage-style interest rate on everything, cutting my monthly interest bill. In this way there's no need to pay sky-high rates on loans and credit cards.
All you need to open this kind of account is:
1) Being aged 18 or over.
2) Being a UK resident and more than 5 years away from retirement.
3) Own, or be about to buy, a property in England, Scotland or Wales.
3) Agree a borrowing limit of £30,000 or more.
4) Be happy to repay your borrowings by the agreed date.
5) Pay valuation and any relevant legal fees.
In principle nothing more than what you would have to agree for any other kind of mortgage.
You can see the rates and fees , as well as a mortgage calculator.
You can see all details about home and life insurances and the repaiment protector.
Well, if you are considering buying a property in England, this could be a good opportunity to fulfill your dreams.

This is a sponsored post, please read disclosure policy.

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