Virgin one saves us money (Virgin One)

Member Name: Sausage

Product:	Virgin One
Date:	14/09/00 (927 review reads)
Rating:

Advantages: All your money comes off your mortgage so reduces your interest.

Disadvantages: Need to be disciplined

This is a very good mortgage company to use. The basic idea is that you have one account for all your finances. This means any money you have saved comes off your mortgage and as soon as your wages come in it also comes off your mortgage. You can therefore pay off your mortgage more quickly than you would normally without having to give notice or pay a penalty. alternatively if you have a period where you are a bit short you can pay less off. This means you need to be quite disiplined about your spending as there is no-one to stop you you can just write a cheque so if you are the kind of person who finds controlling your spending difficult it is not for you. Becuse of this flexibility they do more thorough credit rating than many mortgage companies so it can take longer than normal to be accepted (it took us 3months 2 years ago) but if you can it is worth the wait. The mortgage rate always tracks the base rate and will depend on the size of your mortgage in relation to your house. The online facility is helpful and you can conduct all your banking on line (as we do). You even get a little graph showing how your mortgage is going down. It can be a bit scary going to a cashpoint and it saying you are tens of thousands overdrawn but you do get used to it. This is the best mortgage we have had.

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