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What is a Home-owner’s One Account?
One Account is a special kind of secured bank account offered by the Royal Bank of Scotland (RBS) which offers home-owners a new flexible mortgage deal that can be applied for online. Whilst much is made of the term ‘Budgeting’ these days, finding new ways to help home-owners achieve successful financial budgeting is proving difficult in the current economic climate. The One Account is a product that may help those willing to consider a different kind of secured mortgage lending and banking service that is rolled into one – hence the name.
Remember, banks are currently extremely eager for people to deposit their money with them, including their regular salaries, monthly income and savings. This is because it will increase the banks’ financial liquidity at a time when they are finding it difficult to raise capital through the world’s money markets. So, with One Account, you could be rewarded by getting a lower interest rate on your mortgage which could mean lower monthly repayments.
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Credit Crunch and Mortgage Shock
The current Credit Crunch has meant that there are now far fewer opportunities to find cheaper mortgage deals than has traditionally been the case throughout the last decade, and consequently many home-owners are facing what is known as ‘mortgage shock’ (when a mortgage borrower’s current fixed deal ends and their renewal quote means they’ll pay increased monthly repayments because of higher interest rates) during the coming months.
Can I Get A Mortgage?
To these money worries, mortgage borrowers can add recent rises in household fuel bills, the escalating price of petrol at the pump and the increased cost of food and groceries – it is clear that the financial situations of more and more people are beginning to look particularly difficult. It is no surprise then that home-owners coming out of fixed rates and first-time buyers are asking themselves, “Can I get a mortgage?”
Budgeting for Home-owners - One Account
The One Account allows home-owners to put their salary, mortgage and unsecured borrowings such as credit cards and personal loans, together with any savings, in one place, meaning that their money works harder for them. This is because a One Account holder’s income consistently reduces the overall mortgage balance meaning that there will be less interest to pay in total. Over the term of the mortgage (typically between 25-35 years) this can add up to a large amount of money and therefore a substantial saving. This in turn makes budgeting for home-owners easier and much simpler.
Apply online now for a One Account
Increased Flexibility for Home-owners - One Account
Not only are there savings to be made on mortgage interest payments, the One Account also allows home-owners to manage their monthly budgeting better, by providing financial structure and regular advice on how much money is required to be left in the account each month to ensure their mortgage balance will be paid at the end of the mortgage term.
This allows a greater degree of flexibility for home-owners; One Account holders can pay extra into their accounts when it’s possible to do so, further reducing the amount of interest owed, or, if times are financially hard and money is tight, it will allow for underpayments when necessary.
I’d like to FIND OUT MORE about how One Account can help me?
I’d like to APPLY NOW for One Account online in 48 hours
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
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