Current account mortgages

A mortgage product called a current account mortgage is offered by some providers. But what is this product and what does it mean, having a current account mortgage?

Well, this is a product that combines your current account and things like any loan, overdraft and mortgage all into one account.

This can be an attractive idea for people because it has the potential to allow you to save money on the interest on your mortgage and you can also make lump sum payments in many cases in order to reduce your account balance.

This sort of account functions in the same sort of way as an offset mortgage whereby you use the money that you have in a savings account to offset the mortgage interest, although in this case everything is combined in one account and hence it is known as a current account mortgage.

There are a few providers of this type of mortgage product and of course within the umbrella term there are a range of different offers available from the various financial institutions.

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