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Current account mortgages are secured against the borrower’s home and will act as both a home loan and a current account. The product can also be combined with credit cards, personal loans, and a cheque book in order to streamline the borrower’s banking facilities. Current account mortgages are a type of flexible mortgage and may therefore offer features such as:
In addition to flexibility, current account mortgages can help borrowers save interest and pay off their home sooner. This is due to a combination of factors such as; earnings being paid directly into the mortgage, daily interest rate calculations, and the absence of high interest loans (e.g. credit cards). However it is important for the borrower to remain disciplined as excessive withdrawals will increase the overall cost and term of the mortgage.
Please contact us today for more information on current account mortgages.