(April 2 – 12:40 ET) – Manulife Financial is challenging Canadian consumers to calculate how many thousands of dollars in interest costs they could save by switching from their traditional mortgage to “Manulife One” the country’s first and only flexible mortgage account.

The flexible mortgage account originated in Australia where one-third of all new mortgages are now flexible. The concept has been growing in the U.K., as well, says Manulife. The flexible mortgage account was introduced to Canada by Manulife in October 1999.

“We know that consumers are looking for ways to save money,” says Bob Tillmann, vice president, Manulife One. “So we decided to give Canadians a tool that would let them see for themselves just how much they could save by changing how they pay off their homes. People get very excited when they use the Manulife One Calculator, and the good news is that there’s no catch. To qualify for Manulife One, they need to have at least 25% equity in their home.”

Manulife One, an all-in-one personal borrowing and chequing account, uses income to pay down total debt until the money is withdrawn for expenses. As a result, consumers can pay their mortgage down much faster than with a traditional mortgage and can potentially save tens of thousands of dollars along the way.

Interested consumers can try the company’s online calculator by visiting Manulife’s Web site.
-IE Staff