What do you think about mortgages like the one account? and what are the draw backs?

is the one account as good as it sounds really?What do you think about mortgages like the one account? and what are the draw backs?
The ';one'; account is basically an offset mortgage account. It is probably the most well known, but it is not the only one available. It is still essential to check out the rates that they are offering to you to make sure that you get the best rate. The premise is that you can offset your savings against your mortgage and save on the interest that you pay on your mortgage, this helps you to pay off your mortgage quicker, although it only really works if you have savings, or believe that you will be able to save money, and it is also beneficial if you are a higher rate tax payer.What do you think about mortgages like the one account? and what are the draw backs?
One account is good if you have loads of savings that you can leave in an account for a long time to offset against your mortgage, but if you are planning on useing the money it wouldn't be a good idea as it wouldn't work out any better for you!!!
One account mortgages are good if you are sensible with your money. All monies held in the account goes against the capital of the mortgage thereby reducing the amount of interest you pay. The problem with these account they normally come with a cheque book and many people end up owing more than they did in the first place because of the flexible reserve.
What is the ';one account';. Can you tell us where you saw this program? thanks


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