The Virgin One Account Mortgage Review

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The Virgin One Account Mortgage go to www.oneaccount.com
2.3 stars
Average rating for this product is: 2.3 out of 5

From 4 ratings and 115 reviews

Thumb down 39% of users recommend this product

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Guest's Review of The Virgin One Account Mortgage

15th May 2009

Overall Rating

0 stars
  • Value for money
    0 stars
  • Repayment Method
    Interest only
  • Product
    Variable rate
Good Points

Was a great product, but I wouldn't recommend it now because of their interest rate policy


Bad Points

No certainty in relation to interest rate policy (NB Of course, the interest rate moves, it is variable BUT there is no policy behind the movement - RBS / One Account can (and are) increasing their margin on the interest rate in relation to their cost of funding.


General Comments

Their interest rate policy is opaque.

Per the One Account
- the OA is still worried about the uncertainty in the market and specifically in relation to the housing market with higher default rates (...hence the widening of the interest rate in respect to libor)

- the OA (as part of RBS) has to set rates which is balance with their depositors (I don't think this is good, we're subsidising the interest RBS depositors receive?). I think more likely is that they are merely maximising profits from the mortgage holders.

- they say their interest rate is competitive in the market (this comment worries me the most as it means the One Account can use the competition of the market to raise rates instantaneously there are any fluctuations, but can delay any reduction until all other competitors have done so). In other words far from being a market leader (which I bought into all those years ago) the product is now a market follower.


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