One Account Mortgage

The One Account mortgage is one of the new breed of offset mortgages, which combines savings and borrowings in a single product to save you cash. It's won stacks of awards from the financial press and the site provides all the information you need to know – including details of how much you can save.

The One Account mortgage is an offset mortgage, which is a fancy way of saying it puts all of your finances into a single pot. If you leave money in your account each month, it helps pay your mortgage early.

The more money you have available, the more you can expect to save with The One Account mortgage. On a £70,000 mortgage you could save up to £24,158 if you have £5,000 in savings, leave £100 extra in your account each month and have your salary paid into your The One Account mortgage.

Although The One Account mortgage can save you a great deal of cash, it can be a difficult concept to get your head around. Thankfully, the site goes out of its way to make the whole thing as simple as possible and includes lots of information together with a range of calculators that you can use to see the benefits of switching your mortgage.

The One Account mortgage isn't for everybody, though: for now, the service isn't available for right-to-buy or buy-to-let properties, or for homes that are part-owned by a council or housing association.

• One Account Mortgage Website