Scan the text for the specific information and give the response.

Unit 3 The One Account

Reading tasks

How the text is organized

Read the statements and say which extract each statement refers to? (Eg. Statement 1 refers to extract 2)

Para___describes the traditional way of running personal finances

Para___ describes the possibilities received and specifies the agreed term of repayment.

Para___gives an example of unprofessional personal money management.

Para___describes how people manage their mortgage debt nowadays and what problems they face.

Para___ introduces the One account stating its main benefit,

Para___ suggests the way of saving money.

Para___stresses the necessity of having your salary paid into your mortgage account and the possibility of running the One account like an ordinary bank account.

Para___ recommends what to do first when you open the One account.

Para___explains how the agreed term of debt repayment can be dramatically cut.

Scanning

Scan the text for the specific information and give the response.

1. According to the article, how do most people spend most of their life as far as money is concerned?

2. What do people not usually realize?

3. How do people traditionally run their personal finances(salaries, savings, mortgage)?

4. What does the One account allow people to do with their savings and borrowings?

5. When you open a One account, what should you negotiate?

6. How much can the overall borrowing facility represent?

7.If your house is valid at £ 100 000 and you need an 80% mortgage, what loan facility can you set up?

8. What does such loan facility give you?

9. What can you do once the lending facility has been agreed?

10. What assurances of debt repayment will satisfy the bank?

11. What is the main proviso of the bank?

12. When you have opened the One account, what should you do with your salary?

13. What interest must you pay?

14. The One account is run like an ordinary bank account. What does this mean?

15. What may seem quite obvious?

16. But what precisely are most people doing nowadays?

17. What happens with interest on money on their ordinary bank account

18. What choice do most borrowers have about how to manage mortgage debt?

19.If borrowers want to pay off capital early, what problem may they face?

20. What does this mean?

21. What does the example with a mortgage of £ 60 000 repayable over 25 years at interest rate of 8.55% show?

22. How much could you save if your repayments were taken into account the moment they were made?

23. When can you really start reducing your debt gradually?

24. What can you afford as salaries rise?

25. What can happen in this instance?