Current Account Mortgages

Current account mortgages provide flexibility which may be useful to you especially if you choose to work part-time. In which case committing to a regular mortgage payment each month can be difficult under these circumstances.

Because of this flexible mortgages became popular. The difference here is that, with a current account mortgage, you are able to combine all your finances into just one single account. You can get a chequebook and debit and credit cards, allowing you to pay in and withdraw money at any time, up to the original sum borrowed. Many choose a current account mortgage, because they like this idea of complete flexibility. They don't necessarily suit everyone.

All the usual features of a flexible mortgage are normally included, such as overpayments, payment holidays, lump sum reductions in borrowing (without penalty), but the interest is calculated on a daily basis on the amount that is in your account. If you are freelance or a contract worker, say, you can use the lump sum payment feature, to reduce the mortgage, then draw down money as you need it each month until your next payment. This reduces interest on the mortgage.

If you think this is the right type of mortgage for your particular circumstances, phone our enquiry line 0870 112 6236.

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