 Sam
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Joined: 21 May 2005
Posts: 280
Location: CALIFORNIA
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 Posted: Tue Jun 22, 2004 11:37 pm Post subject: One Account Mortgage |
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One Account Mortgage is a type of mortgage which allows a borrower to put all his money, such as - his mortgage, current account savings, loans, etc in one place. It was previously known as Virgins One Account mortgage.
Features of One Account Mortgage are as following:
- Flexibility
- It is more flexible.
- It allows a borrower to release little more of his equity.
- A borrower could save thousands of pounds compared with a traditional mortgage.
- Cost saving
- It cuts the overall cost of borrower's mortgage.
- The money in borrower's current account automatically reduces his mortgage.
- It enables a borrower to save interest on his mortgage.
- Early payment
- It helps a borrower in paying off his mortgage early.
- Any money left in borrower's account will automatically goes towards overpaying his mortgage loans.
- This early payment will help the borrower in saving thousands of pounds in interest cost.
- Cost cutting
- It helps the borrower in cutting the cost of his personal loans and credit cards.
- The interest that a borrower owes is calculated on a daily basis.
- Here the borrower's monthly interest bill is lower than his interest bill in other types of mortgages.
- Tax free
- A borrower is not required to pay any taxes.
- This tax exemption helps a borrower to get a better return in his savings.
- Low interest
- It offers a very low rate of interest.
- A borrower is required to pay a single low rate of interest in every thing he borrows-mortgage, loan, credit cards, etc.
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