The One account has invited all homeowners who believe that they are paying over the odds on their current mortgage to experience its online ‘mortgage shrinker’.
The mortgage shrinker is intended to display the benefits of One’s current account mortgage by illustrating in a straight-forward manner how much people could save.
The curious simply need to enter the value of their house and mortgage, their monthly income and any other cash deposits that will go into the current account.
Using these figures the shrinker will calculate how much they could save over the life of their mortgage.
It will also illustrate the savings by comparing the figure to the best mortgage rate they would have to negotiate before they saved an equivalent amount on a normal mortgage.
“The mortgage shrinker has been designed to illustrate to people how they can reduce their biggest financial burden,” said Deborah Miller of the One account.
“We know that many people who choose a current account mortgage have a ‘Eureka moment’ when everything falls into place as they work out how it applies to their own set of circumstances.
“We think the mortgage shrinker will help more people have their own ‘Eureka moment.'”
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