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| Value for Money | 4.6/10  |
|---|---|
| Reviewer Rating | 4.9/10 |
| Overall Rating | 4.8/10  |
Full review by
Guest.
on 25th Jul 2008
User Rating : 10
Respect :
0
Good Points: Great idea and more companies should be doing there level best to get an equivalent to help us out during the 'Credit Crunch'.
Bad Points: Can't get a fixed rate and there is no buy to let option.
General comments: Sad to see so many people giving bad reviews about this mortgage. Most of you don't seem to realise that you would have to acheive an interest rate equivalent to @3.3% to have what you are getting. I love this mortgage and until I signed up for it 4 years ago I was ignorant of how much other companies were ripping us off for. If you are that unhappy with it try getting a better deal elsewhere, chances are you won't and just like complaining because you are happiest when you have something to moan about. Get out there and see if you can even afford to go back to a 'traditional' mortgage.
Guest.'s review and ratings | 147 words
Review by
Guest.
on 16th Jul 2008
User Rating : 10
Respect :
0
The Virgin One Account Mortgage offers an excellent service, anytime I need to call, I wait no time at all before I am speaking to someone and have my enquiry dealt with - I have put money in and taken money out in lump sums and it is in your bank within 2hrs of your call - keep up the great service!
Guest.'s full review | 91 words
Review by
Guest.
on 7th Jul 2008
User Rating : 10
Respect :
0
Don't focus on the APR too much. The way it's calculated makes it hard to do a direct comparison. A normal mortgage at 6.5% may still work out more expensive than a 7%.
Guest.'s full review | 33 words
Review by
Strength in numbers
on 26th Jun 2008
User Rating : 2
Respect :
0
After ten years of keeping their interest rates inline with the Bank of England, the One Account have broken with tradition. The last cut in the Bank of England base rate doesn't seem to have been passed on yet. In fact they've gone on to increase their rates even higher. One Account have openly admitted that they have stopped this, which was the backbone to having a One Account. I doubt this would have happened under Richard Bransons tenure. I will close my account when market conditions improv ...
Strength in numbers's full review | 97 words
Review by
Guest.
on 25th Jun 2008
User Rating : 10
Respect :
0
Excellent idea you can see your mortgage reduce month by month and if you pay extra you have money there to draw on at anytime - a great idea
Especially good for self employed such as myself who has a lot of money usually languishing in a low interest business account - instead I can make it work for me (you need to be able to keep good records but completely legal for sole trader).
I would highly recomend this product to anyone who does not have afixed income - pay more in in the good times and ...
Guest.'s full review | 108 words
Review by
Guest.
on 23rd Jun 2008
User Rating : 7
Respect :
0
I am nearing the end of my mortgage - two years early. Overall I'd recommend this product to anyone wanting a simple, but very effective loan.
Guest.'s full review | 59 words
Review by
Lindos
on 16th Jun 2008
User Rating : 3
Respect :
0
I have had a Virgin One Account for many years and like others I have noticed a serious decline in Customer Services since RBS took over ownership. I am very angry that not only did they not pass on the last BOE rate reduction but have actually announced that rates will increase by 0.25% at the beginning of July 2008 for existing borrowers.
Lindos's full review | 63 words
Review by
nesbigr0
on 15th Jun 2008
User Rating : 5
Respect :
0
I was so disgusted with the recent double rate rise that I phoned them up to complain. I said I can get a much better rate with a traditional mortgage. They said by the time you pay all the fees you would be off staying with the one account and saving interest by not spending so much every month. They are right of course so I will be staying for the time being.
nesbigr0's full review | 76 words
Review by
Guest.
on 13th Jun 2008
User Rating : 5
Respect :
0
Have been a customer for many years but was very dissapointed when they failed to pass on the recent interest rate cut. Now I am absolutely disgusted because today I received a letter stating that they were actually increasing rates by 0.25% - a double whammy!
This is not the most competitive product by far and flexibility was the only reason I stayed, but flexibility loses it value when you are paying so much more than other rates on the market. Goodbye RBS!
Guest.'s full review | 90 words
Review by
michael697
on 12th Jun 2008
User Rating : 1
Respect :
0
To pass on the cost of the parent banks financial problems to long suffering One Account customers is unfair. What was once a competitive, useful and imaginative alternative to a conventional mortgage has become an albatross around the necks of those who trusted the implied promise to track base rates. Shame on the directors of the Royal Bank of Scotland.
michael697's full review | 79 words
Review by
Guest.
on 12th Jun 2008
User Rating : 3
Respect :
0
The Virgin One Mortgage has been great for us and having been able to add extra capital has allowed us to reduce the final payment date by 10 years. My concern/issue is that I am sure I have information statsing that they will follow the BOE base rate and yet when I asked about this the stock answer was "it only appeared like that". Does anyone else have any recolection of following the base rate?
Guest.'s full review | 94 words
Review by
Bigun1
on 23rd May 2008
User Rating : 9
Respect :
0
Good customer services, solid financial stability and a genuine opportunity to reduce you mortgage term. Beware though, this account is reactive to changes in the general financial markets and is not linked to BOE Base Rate changes, so may not suit all.
Bigun1's full review | 65 words
Review by
Going Digital
on 17th May 2008
User Rating : 1
Respect :
0
We have had a Virgin One account for almost 10 years and it used to be fantastic. Once RBS took over it has gradually declined. Customer service levels have dropped and they have manipulated the terms and conditions to their favour with things like termination charges. Clearly they don't think they have a competitive product or they wouldn't have introduced fees for leaving. We purchased this mortgage product on the basis that it was tracking the base rate and their decision to not pass on the t ...
Going Digital's full review | 117 words
Review by
Guest.
on 17th May 2008
User Rating : 0
Respect :
0
We were an age setting up this account with high set up fees. Ran the mortgage for a year, never missed a payment but ended up owing more at the end of the year than we did at the beginning !!!! We wanted out and spoke with a supervisor at the one account. Fine we thought, oh no it wasn`t .They lost the paperwork....filed it in the wrong building. Meanwhile my sister was diagnosed with an aggressive cancer and the mortgage we`d signed for was now illegal. Many phone calls later situation was unr ...
Guest.'s full review | 166 words
Review by
flexicover
on 15th May 2008
User Rating : 2
Respect :
0
If RBS, when they got full control of the Virgin One Account, had made it clear they were going to make such radical changes to this account, I would have left immediately. Instead, they have whittled away at the ethos behind the account, giving appalling customer service, and are now wriggling their way out of the promise behind the bank to track interest rates movements. I have written to RBS, have received a totally unsatisfactory reply, and will now take it to The Financial Ombudsman Serv ...
flexicover's full review | 305 words
Review by
Guest.
on 30th Apr 2008
User Rating : 0
Respect :
0
I was a happy customer of Virgin One Account for 5 years, however less savings due to my Wife taking extended maternity leave and seeing there were better deals on the market , I looked at moving my mortgage in the beginning of the year and had secured a good fixed rate deal with another bank. On speaking with virgin to get my final settlement statement I was advised that I would be better staying with them should interest rates come down by .5 I would be paying the same without the arrangem ...
Guest.'s full review | 205 words
Review by
jackarmy
on 29th Apr 2008
User Rating : 0
Respect :
0
Customers with the One Account have very long memories and the general consensus seems that many people have written evidence that the account would track BOE rates. The credibility of this product is now probably near zero than the maximum stars it was achieving up to a few months ago.
RBS, you've shot yourself in the foot BIG time.
People will not forget this, act now before its too late!!!
jackarmy's full review | 74 words
Review by
christianmartin
on 27th Apr 2008
User Rating : 2
Respect :
0
I have had The Virgin One Account Mortgage for 8 years plus, valued the package, variable rate, service received and flexibility of the package. However, the lack of RBOS willingness to pass on the recent rate reduction together with their very unsatisfactory explanation has broken my 'trust' in the bank. The future seems uncertain and it seems that stock holders priority will overcome the needs of its clients. I will now look for another alternative that does what it 'says on the tin'
christianmartin's full review | 97 words
Review by
Guest.
on 24th Apr 2008
User Rating : 1
Respect :
0
Have been willing to sacrifice high interest rate for flexibility, but The Virgin One Account Mortgage recent decision not to reduce the rate in line with the Bank of England cut is a step to far. Despite written promises in the past to always do so. Will be moving on, once the markets settle. Trust, once lost, is lost !
Guest.'s full review | 63 words
Review by
Guest.
on 24th Apr 2008
User Rating : 1
Respect :
0
Was very happy but recent interest cut was not passed on. This was the first time ever. Will be moving asap as this was very dishonest move as they were always keen to pass on rate increases. Received an explanation that hinted at future rises.
Guest.'s full review | 50 words
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