My sister took out a 35-year mortgage to buy her dream house recently. While other people in her situation struggle to meet their mortgage installments monthly, my sister did not allow this huge pile of debt to accumulate interest. She has a One Account Mortgage that shrinks her mortgage instead.
The One account is actually an account that combines mortgage and salary and/or savings into one account. With salary and/or savings counted towards mortgage debt, she only has to pay interest on the reduced sum.
Not only that, the One Account mortgage is very flexible. She can pay more if you can afford it and she can also slack for a bit in case she is tight financially.
She told me that the One Account is what people saddled with a mortgage should have.
The One account is actually an account that combines mortgage and salary and/or savings into one account. With salary and/or savings counted towards mortgage debt, she only has to pay interest on the reduced sum.
Not only that, the One Account mortgage is very flexible. She can pay more if you can afford it and she can also slack for a bit in case she is tight financially.
She told me that the One Account is what people saddled with a mortgage should have.
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