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The beauty of the Money Merge Account is that it
can benefit different people in different ways.
Choose an option below to see how the Money Merge
Account can help with different needs and
situations.
Different needs with which the MMA can
help you
Repaying
your mortgage early
Reducing
monthly payments/consolidating other debts
Funding
a major purchase (new car, holiday home, boat
etc.)
Buying
a second property
Planning
for school fees or university
Coping
with short-term ill health, unemployment, redundancy or
moving jobs
Planning
for maternity
Short-term
spending e.g. holiday, Christmas
Making
the most of an inheritance, windfall, large bonus, or
maturing investments
Funding
home improvements
Additional
situations with which the MMA can assist
you
Self-employed
Young
professionals
Young
couple - first time buyers
Couple
moving up the property ladder
Commission-based
incomes
Irregular
income
Older
couple - children left home
Repaying your mortgage
early
When
repaying a mortgage, it's not the rate you pay that's
most important. What matters is the total amount of
interest you pay over the term of your loan. With the
Money Merge Account, you use your income and savings to
reduce your loan balance and minimize your interest
payments. This means more of your money goes towards
your principal balance each month, helping you repay
your mortgage years earlier and save thousands of
dollars in interest.
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Reducing monthly
payments/consolidating other
debts
The
Money Merge Account is much more than just an
accelerated mortgage payment option. Other debts (e.g.
credit card balances, personal loans, overdrafts etc.)
can be transferred to the Money Merge Account - which
means you benefit from paying less interest on all
your debts instead of expensive, unsecured rates. The
reduction on your minimum monthly payments can be
significant.
And if you're concerned about
rolling all your debts into one big balance, don't be.
You'll be able to break your debts into individual
repayment plans. So you can have a plan for your
mortgage, a plan for your credit card balance, and a
plan for your loan. We'll help you budget to pay off
what you want when you want, and you'll be able to see
each element of your debt falling month-by-month in line
with your plans.
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Funding a major
purchase (new car, holiday home, boat
etc.)
The
Money Merge Account can help in a number of ways -
depending on whether you want to build a lump sum of
equity to fund a purchase, borrow the money, or do a
little of both.
Building a lump
sum
Many mortgage programs on the market
give you the chance to overpay your mortgage each month.
But if you're looking to save for a major purchase (e.g.
a holiday home, a car or a boat) at the same time, you
haven't got the flexibility to do so. The Money Merge
Account lets you have your cake and eat it too. It
allows you to put money aside each month for the
purchase and use this money to reduce your balance while
you build up the lump sum.
With the Money Merge
Account, you'll be able to set up a savings plan just
for this. That way, the savings part of your balance can
be seen separately from the rest of your Money Merge
Account balance, and you can budget to build up the lump
sum by the date you want.
Borrowing at a
mortgage-style rate
Traditionally, if you
haven't got enough saved for a major purchase like a new
car, your only option is to borrow the money. This
usually means taking out an auto loan or using a
credit card, all at much higher interest rates than you
pay on your mortgage. The Money Merge Account is a much
cheaper way to pay, because everything is paid back at a
very low mortgage-style interest rate.
And you
can set up a separate loan plan just for this. That way
you can focus on paying this part of your Money Merge
Account balance off as quickly or as slowly as you want,
and you can check your overall plan whenever you
like.
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Buying a second
property
Because the Money Merge Account is secured
against your home, you can usually spend up to 100% of
the property value. So if you'd like to use the equity
in your home to buy a second property, it's ideal!
You can borrow at a very low mortgage-style interest
rate while retaining the flexibility to pay back how and
when you like. Many lenders will charge a higher
interest rate simply because the money is for a second
property, but with the Money Merge Account, you can pay
a much lower amount of interest than traditional
investment style interest rates.
And you can set
up a separate payment plan just for this. That way you
can focus on paying this part of your Money Merge
Account balance off as quickly or as slowly as you want
- and check your overall plan whenever you
like.
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Planning for
school fees or university
If you have young children, chances
are you'll need to either save or borrow enough money to
get the children through school and university.
The Money Merge Account can help in both
instances.
Building a lump
sum
If you're looking to put money aside
each month for the future, then one of the best places
for this is the Money Merge Account. In this way,
the money can reduce your interest charges on a
day-to-day basis, and you can simply draw on it when the
time comes.
With the Money Merge Account, you'll
be able to set up a savings plan just for this. In fact,
the savings part of your balance can be seen separately
from the rest of your Money Merge Account balance, and
you can budget to build up the lump sum by the date you
want.
Borrowing at a mortgage-style
rate
Alternately, if you need to borrow the
money, the Money Merge Account allows you to release the
equity in your house at a low mortgage-style interest
rate and with the least amount of
hassle.
You can even set up a separate borrowing
plan just for this purpose! The great thing about
the Money Merge Account is that it gives you the
flexibility to do what you like with your money. In many
ways, you don't really have to think about whether you
are borrowing or saving, because when you've
got money, it can go in the Money Merge Account
to reduce your balance. And when you need
money, you can simply draw it out of the
account.
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Coping with
short-term ill health, unemployment, or job
transferring
The flexibility of the Money Merge Account works
both ways. It's not just a vehicle to quickly
repay your mortgage. When money's tight (e.g. if one
income disappears temporarily as a result of illness or
loss in job), then the Money Merge Account enables you
to use your increased equity build up to pay for the
daily or monthly costs you incur until you are able to
get back on your feet financially. This way, you know
you’ll get back on track, come what may. We've got a
dedicated team of account managers on hand to talk
through your options. You'll also be able to use our
online service to run a tight budget. It will let you
analyze where your money's going, plan your entire
spending for the month, and work out what you'll have
left over, as well as set longer term plans for repaying
your loans.
The key thing is that the Money Merge
Account gives you the financial flexibility you need to
adjust to changes in your lifestyle - in a way that's
right for you - without having to worry unnecessarily
about unknown consequences.
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Planning for
maternity
The
flexibility of the Money Merge Account can be used to
cushion the financial impact of a newborn baby. If one
of you wants to take time off work, then there are a
number of options available, from reducing your overall
payment commitments for a time to providing the
additional money needed for those unforeseen
expenses.
If you need to run a tighter budget, we
can help you. Our online service will let you plan your
entire spending for the month and work out what you'll
have left over, even down to the penny if you want.
You'll also be able to analyze where your money's going,
so you can see at a glance where you can cut your
spending. We can also help you set longer term plans for
repaying your loans, taking into consideration the peaks
and troughs of your income and expenditure over the
coming years.
The key thing is that the Money
Merge Account gives you the financial flexibility you
need to adjust to changes in your lifestyle - in a way
that's right for you - without having to worry
unnecessarily about unknown
consequences.
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Short-term spending e.g.
holiday, Christmas
Most of us are used to getting out the credit
cards when it comes to the more expensive periods of the
year, such as booking the summer holiday or
buying presents at Christmas. The Money Merge Account
can take the stress out of these things, allowing you to
reduce your repayment commitments for a time and make
them up at a later date. Instead of hiking up your
credit card balance, you can simply spend a little more
of your monthly income, leave a little less in the Money
Merge Account, and then just get back on track as you
go.
This means you're no longer tied to the usual
'receiving income/spending income' monthly cycle - you
have the flexibility to cope with the peak spending
periods of the year without the interest and
expense that normally comes with them.
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Making the most
of an inheritance, windfall, large bonus, or maturing
investments
The Money Merge Account offers a better home for
lump sums than any conventional deposit account. By
depositing them straight into the Money Merge Account,
you reduce your loan balance, so you pay less interest.
The interest you save by doing this is more than the
interest you could earn in any other savings account.
And because it's interest saved rather than interest
earned, there's no tax to pay.
And the great
thing is that the Money Merge Account comes with
checks and a debit card as well, so you've got instant
access to this money. You'll have a checkbook, debit
card, telephone, and internet access all at your
fingertips. There are no notice periods; you can simply
draw on your money whenever you like and for
whatever you want.
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Funding home
improvements
If you're looking to build that extension, then
using the equity in your home could be the most
cost-efficient way of funding it. Because the Money
Merge Account is secured to your home you can usually
spend up to 100% of the property value and pay below
market interest, so no more expensive personal loans or
finance agreements.
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Self-employed
We recognize that being self-employed
means you need something extra when it comes to managing
your money. That's why the Money Merge Account offers
you...
The chance to save thousands on
your loan
With the Money Merge Account, you
are able to pay less interest on all your loans, thus
slashing your monthly interest bill and putting an end
to expensive loans and credit cards. In addition, your
income works to reduce your loan balance on a day-to-day
basis, so any money left unspent in your account
continues to save you interest over the lifetime of the
account. These savings run easily into
thousands.
Greater
flexibility
The Money Merge Account is much
more than just an interest saving tool. You can manage
your payments in line with your cashflow, all without
penalties or charges. Pay more one month, pay less the
next! It's entirely up to you.
More
control
With online access and complete
telephone access, you can manage your money how and when
you want. You'll have one balance showing you exactly
where you stand and how far ahead you are of schedule.
You can break down your Money Merge Account any way you
like, and you’ll be able to plan your short-term and
long-term spending in great detail.
The
perfect home for your tax money
The fact
that you're using money in the Money Merge Account to
reduce your balance and save interest, rather than earn
it, means you don't pay tax on it. This makes the Money
Merge Account the perfect place to put aside some money
for the taxman. And when the time comes to pay the tax
bill, you just write a check to cover it. This
way, your money is working for you from
the day it comes in to the day it goes
out.
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Young
professionals
If you're just starting out in your professional
career, chances are you'll need a flexible solution for
your finances. You can benefit from the flexibility of
the Money Merge Account in the early years of your
professional life because you're not tied to high
traditional interest options. This gives you the
freedom to cater for the ups and downs in your spending.
And as soon as your salary increases and you start to
earn bonuses, you can use your surplus income to reduce
your balances and save even more interest. The
flexibility of the Money Merge Account means that you
can also use your equity for the bigger purchases like a
new car or a dream holiday, rather than having to take
out more expensive loans.
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Young couple - first time
buyers
The
Money Merge Account is designed to meet your financial
requirements as you go through life. It can help fund a
wedding, a new car, or a holiday, as well as allow
you the flexibility to deal with the financial impact of
having a child. You can use the Money Merge Account to
overpay on your mortgage, thus building up equity in
your home, which will mean a higher deposit when moving
to a bigger house in the future. If you can overpay your
mortgage from the outset, you will save the maximum
amount of interest in the long-term. You can spend up to
100% of your increased equity to furnish your new home
and cover other expenses. And if your home needs
improving, the Money Merge Account can be used to fund
home improvements further down the
line.
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Couple moving up
the property ladder amidst other life
expenditures
The Money Merge Account can help you accelerate
your rise up the property ladder. It allows you to use
your income and savings to reduce your balance and build
up equity in your home, so you can move to a bigger
property sooner. And if you move, the Money Merge
Account can move with you. If you have children, the
Money Merge Account also offers you greater flexibility
in dealing with the extra financial strain of raising
them. It can be used to put money aside for
school/university fees - so you get the benefit of this
money working to reduce your balances and save you
interest. And you can use the accelerated equity in the
property to put your children through school even while
covering any other expenses. And you retain the same
flexibility in terms of repayment.
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Commission-based
income
The
Money Merge Account gives you the flexibility to manage
your finances in line with your cashflow. So when you
have more income, you can deposit more and save more
interest. When you have less income, you can deposit
less. You're no longer tied to the usual 'receiving
income/spending income' monthly cycle; instead, you have
the flexibility to cope with receiving a low annual
income and high sporadic commission amounts, even
having that money available anytime you need it.
And it saves you interest all the while!
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Irregular
income
The
Money Merge Account works particularly well if you're
paid a small salary but receive large sums in the form
of bonuses or dividends during or at the end of the
year. You can manage the Money Merge Account in line
with your cashflow. You've also got the flexibility to
deposit more when money's available and less when
money's tight. Any lump sums can also work harder in the
Money Merge Account, reducing your balance and saving
you interest.
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Older couple - children
left home
The
Money Merge Account allows you to use any surplus income
you have to accelerate the repayment of your mortgage.
If you have any investments - e.g. endowments, etc. -
these can also be put into the account when they mature
to reduce your mortgage balance and save you even more
interest. You can also use the equity in your house to
fund that holiday or luxury you've always promised
yourself. Your money is there until you need it, but it
reduces your loan balance and saves you interest in the
meantime.
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