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Mortgage repayments in One easy way.


When buying a house (or houses depending on how much cash you have), you would most probably take out a mortgage
to help pay for the house. Well, as far as I'm concerned, it will be my turn soon to actually buy a house so I'd better take heed of the various ways to stop myself from shopping save money.

Was reading about the One Account mortgage and have deuced that it is a really good way to save money. I remember my father complaining that if you mortgage your house for X amount, end of the day you actually end up paying approximately 2X amount. That means that normally, your mortgage is just a huge debt pile which does nothing except accumulate interest.

The way One Account mortgage
works is that your current account and monthly salary which is in your account (more reason to save, people!) is offset against your mortgage balance. This means that the savings you have is actually counted against the mortgage debt, which reduces the amount of interest you pay. The other good part is that with One Account, you can pay extra towards your mortgage when you wish or even take a break if you are really flat broke for the month. Houseowners should consider changing to just One.


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