Cheap Remortgages

When the borrowers apply for a Current Account Mortgage it is because they want the opportunity to under or overpay their monthly repayments like the flexible mortgage product. Though this sounds very much like an offset mortgage I hear you say. Well, the concept is practically identical but the main difference is that the borrower’s accounts, such as their current account, savings and mortgage debt are amalgamated into one account. In return the borrower is issued with one debit card and a cheque book assigned to that account.

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By implementing this mortgage product you do not have to pay off the outstanding debt via monthly repayments. Instead any money that is transferred into that account automatically reduces the debt on the money owed. Though, one condition that is usually stipulated when applying is that the borrower’s salary is added to that account continuously. This helps lower the amount of interest generated by the mortgage, which increases the possibility of saving thousands of pounds by paying it off early.