Mortages / Current Account Mortgages

A current account mortgage is a combination of a flexible mortgage and a current account. The lender sets a maximum borrowing limit on the account, which includes the balance of the mortgage. As long as the borrower remains on course to repay the mortgage before they retire, they can increase their borrowings by withdrawing money from the current account. A cheque book is issued to facilitate this and money can be withdrawn for any purpose provided the maximum limit is not exceeded. Lenders normally require borrowers to pay their salary into the current account each month and calculate interest on a daily basis. Any money paid into the account is set against the mortgage and any which is left over at the end of the month reduces the outstanding balance on the account. Providing the outstanding balance is reduced regularly, this would have the same effect as making an overpayment on an ordinary flexible mortgage, therefore potentially saving thousands of pounds over the life of the mortgage.

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For further information on any of our mortgages call us on 0191 268 1049, or use our Call Back Form and we'll call you at your convenience.