Monday November 7th, 2005
I’m eating a chocolate ball sent to me by The One Account. Now the first thing to note is the wrapping is lovely… little Christmassy balls, but the chocolate inside is very poor quality.
Rather encouragingly that fits exactly my view of the One Account itself - great packaging but a poor product. While filming Make Me Rich I was saddened by how many people had fallen for the marketing.
Yes the idea of a mortgage which offsets your savings against your debts sounds good. And indeed it is good, the problem is the rate; it’s hideous - 5.75% - a monster - about 1.5% more than the cheapest mortgages on the market.
So for the sake of earning slightly better returns on £10,000 of savings, most people are paying massively more on £150,000 worth of mortgage debts. There are very few people the One Account is any good for. Most should ditch it and save themselves a good £1000’s a year of cheaper mortgage.
I’d like to thank the One Account for the chocolate balls. Without them I’d never have been reminded to tell people!
Links: Free Remortgaging Guide, Mortgage Zone
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