Current account mortgage information

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What is a current account mortgage?

The way this type of deal works is by combining all of your mortgage, debts and income into one single account. Your savings are then offset against your total debt. One of the biggest advantages of current account deals is that they offer a large degree of flexibility. You can overpay or underpay each month depending on how much you pay into your account. All that matters is that you pay off the full amount by the end of the term. You can either pay this off gradually, or at the end of the mortgage using funds you have acquired through investments.

More current account mortgage information...

Before you take out a mortgage deal, it’s worth considering the following other pieces of current account mortgage information:

 Because your debts are included in the current account the interest charged will usually be less than with such borrowings as credit or store cards.

 You need to pay off this debt at the same rate as you would have originally, or the interest benefit will be reduced.

 The lender will usually require that you pay your monthly salary directly into the CAM

 There are also tax advantages to this type of deal

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