Current account mortgage rates
Tailored rates with firstmortgage.co.uk
There is a wide range of current account mortgage rates available through dozens of UK lenders.
With so many different deals to search through, it can be stressful and time-consuming finding the right one. First Mortgage scours the whole of the market for the lowest current account mortgage rates. Our service is free and totally impartial.
How does a current account mortgage work?
Conducted through a single account, current account mortgages combine your mortgage, savings, loans and current account. At the end of every month any cash in your account goes towards paying off the mortgage, and interest is only charged on the outstanding sum.
Usually the lender will draw up a plan with you to decide on the minimum amount that should pay each month. If you leave more in your account each month, you will pay less interest and pay off your loan quicker.
Is a current account mortgage rate right for you?
CAM rates can be some of the most competitive on the market, but they are not the right deals for everyone. Generally speaking, the more you can leave in your account at the end of every month, the better. It’s worth considering the following points before making a decision:
If you are a high rate taxpayer or have a large amount of savings, then this could be the right choice for you
It offers all the benefits of a flexible deal
Gives you greater control of your repayments
The lender will usually require that you pay your monthly salary directly into the CAM
Interest is calculated on a daily basis
Due to increased risk, generally higher interest rate than fixed or variable rate deals
This rate type requires a measure of financial self-discipline
If you would like more advice, information or assistance feel free to call us on 0845 603 1525. Our friendly team of consultants are waiting to take your call and help you choose the best current account mortgage rate.
Get quotes prepared fast and easy from our award winning brokers starting, with our smart online form. Quote request
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