Virgin One Account

[mrsxllifts]

We are currently looking around for a new mortgage deal and have heard from a few people about how great a Virgin One account is. Wondered if anyone had any experience, good or bad with these accounts and whether they are worth it or we are better of sticking to a 'normal' type mortgage? We already have our financial guy looking for us but wondered what peoples real experiences were.

Thanks

[Dave_ST220]

No real experience with the running of it but start one on Friday when we complete. For us it was a no brainer, money in other accounts was earning sweet FA so at least now it is offsetting a debt(tax free). If you play around with the online calculator you can see how much you can save etc.

[5pen]

I'm a fan of offset mortgages in general though I don't have a One account. They are at their best if you have savings to make the most of the offset and if in general you are a 'good saver' and quite disciplined with your finances.

My own offset is with Barclays (Woolwich) and it has been excellent for me. A mate of mine has just switched from the One account to a First Direct offset mortgage as the rate they were offering at the time was far more attractive and I know that he is very happy with that.

They are all the same basic idea, so check-out all of the current offset providers for the deal that suits you best.

Not so many deals around now, but 0% on purchase credit cards can help maximise the benefit too.

[Nano2nd]

i have a one account, its fantastic... though if your not financially savy i wouldn't recommend it, you need to know how to "use" it to get the best value (the IR isn't the cheapest)... though if you good with money the flexibility can be great... i would be had pushed to go back to a normal curr acc and mortgage

oh and if you decide to go for it i can recommend you and you'll get £125

[jameshaworth]

The interest rates are not usually the best available, but if you aren't getting decent savings returns elsewhere then they can make good sense.

Depending on the extent of your savings it may be best to pay off a chunk of your mortgage and obtain a cheaper interest rate on a non-offset mortgage deal. Depending on your Loan-To-Value (LTV) this could net you a significant saving.