I would like to know whether this one account is suitable for me or not? How do I find that out? Our current circumstances are are:

I am first time buyers still looking.
Joint salaries are 25K
No loans, no credit card balances due. nothing.
How much do you think slightest bit spend happy? You mean I wont be able to spend on any lavishes at all?
I am can be tight in budgeting but there are times when I spend some money but not effecting my credit or going in debt.

Thanks
Khizer

ChestertonGrant:

The One Account is definitely an excellent niche product. It's not for everyone though. It calls for tough budgeting and if you're even the slightest bit "spend-happy" with your surplus funds at the end of each month, it's not necessarily the product for you. Contact an Independent Advisor rather than going directly to the lender, as they will be able to assess your circumstances in an objective way.

Hi Shaun,

Sent you an e-mail.Let me know what you think.

I have just opened a one account and am looking for a friend who reccomended me so we can claim our 125 each. send me an email if you have a one account.

cheers shaun

shaunandpaulaB AT blueyonder.co.uk


wont let me post the at sign in the email but you know the symbol

Interesting comments and indeed you need to disciplined. However I would still swear blind that this kind of morgage is perfect for the young professional whose salary is going to increase regularly throuhgout the early/mid stages of their career.

I'm still not completely won over by this product. Surely when you go to the cash point and get a balance it'll say £000's in the red. I'm sorry but I wouldn't be motivated by this, it would just make me depressed - being reminded everytime you go for cash that you owe rediculous sums of money! If I had this account, I'd never spend any money, go on holiday or anything because I'd feel so aweful seeing that bank balance! I suppose if you earnt large sums of money you'd overpay without even realising. Definitly not for me!

I would also advise caution, not against the product, but human nature. I read a statistic the other day that of all the people that want a mortgage where they can overpay (I know One acct does more) only 2% actually do. There also needs to be sufficent surplus income and savings to warrant paying the higher interest rate than other special offers around so it would be generally better for the slightly better off, or as you point out, the very well motivated. Good product though, I have it myself. I haven't paid any more off than I should, though I do have a nice new shiney mountain bike with money I could have paid off...

I agree that you need to budget carefully however the same can be said about all finances. Personally I found that the monthly statement became a real incentive to save more as you started to find yourself getting ahead of your planned repayment date. Psychologically it really worked for me.....

The One Account is definitely an excellent niche product. It's not for everyone though. It calls for tough budgeting and if you're even the slightest bit "spend-happy" with your surplus funds at the end of each month, it's not necessarily the product for you. Contact an Independent Advisor rather than going directly to the lender, as they will be able to assess your circumstances in an objective way.

I was advised to take out The Virgin One Account Mortgage when it first started, by my financial adviser. Quite simply it was the best financial advice I have ever had! I have now paid off my mortgage, and I am relaxing in the financial freedom that this has given me. They also offer an introduction bonus to new account holders if they are recommended by existing account holders. i.e. someone like me! It would mean £125 to both of us. If you are interested then please let me know by posting a reply. All the best,Neil