Any opinions on this,
ive been through some of the stuff on their site but a bit confused as to how it saves you money.
'THE ONE@ account
Sep 24, 2003
2 Replies
You pay less tax as you dont earn interest (instead you reduce the amount of mortgage interest you pay), and money that would otherwise be earning very low rates of interest (say in a current bank account) is instead used to reduce the higher rate of interest you'd pay on a mortgage. So, every 1 that might have been in a current account earning 0.1% interest (and on which you'd also pay tax) is instead preventing you paying (say) 5% interest on a 1 of your mortgage.
Search the archives it's been discussed several times before -
formatting link
Daytona
Join the Discussion
Have something to add? Share your thoughts — no account required.
Didn't find your answer?
Ask the community — no account required