Offset Mortgages

[Doggy Styles]

I've got a One Account (formally Virgin One Account).

Paid off mortgage in 6 years as opposed to 20 years as orginally planned.

The rate is higher, but for anyone like a contractor whose income fluctuates wildly, it's fantastic.

I've got a One Account too. It works exactly like an overdraft.

I like it better than offset accounts because there is just one account, and all your income goes straight in, reducing the debt, and saving you interest until you spend it.

Like Dim I'm vastly reducing the time to pay off the 'mortgage'.

And it's a more tax-efficient way of doing something with my cash than a building society. If I need to I can draw it back out at any time (increase the overdraft again).

[DimPrawn]

I've got a One Account too. It works exactly like an overdraft.

I like it better than offset accounts because there is just one account, and all your income goes straight in, reducing the debt, and saving you interest until you spend it.

Like Dim I'm vastly reducing the time to pay off the 'mortgage'.

And it's a more tax-efficient way of doing something with my cash than a building society. If I need to I can draw it back out at any time (increase the overdraft again).

Exactly as you say. My facility is £250,000 so it's like having an agreed overdraft facility for £250K.