How To Use A Current Account Mortgage
If you are searching for a mortgage then you probably know about the common types of mortgage like fixed rate and variable rate. What you might be more unfamiliar with is a newer type of mortgage known as a current account mortgage. If you are in the market for a mortgage or are looking to change your existing one, then you should definitely consider a current account mortgage.
What is a current account mortgage?
A current account mortgage is the most flexible type of mortgage available. Basically, all of your money goes into one account. Your mortgage is opened up as a current account, and you are given a debit card, chequebook and credit card. Any current credit card debts you have can be transferred to the balance, and all of your wages get paid into the account. The current account mortgage puts all of your money in one place, both incoming money and debt.
Why is this a good thing?
Having all your money in one place can be extremely beneficial. Firstly, you can see exactly how much you owe on everything. You view one account and know how much money you have to pay back. Also, there are definite financial benefits to a current account mortgage. Firstly, the interest is calculated daily so you only pay interest on the current balance. Also, you are paying less for your mortgage, because your wages help to speed up the paying back process. You can also add any savings that you have. In addition to this, the fees for current account mortgages are very low, and you are unlikely to be charged for arranging the mortgage or incur any redemption penalties. If you use a current account mortgage in the right way, you can save thousands on your mortgage.
Are they any downsides?
As with any financial product, there are also downsides to current account mortgages. Perhaps the biggest problem is the temptation to spend too much money. If all your money is in one place, it is hard to see whether or not you are on track to pay your mortgage back. With a large mortgage loan as an overdraft you seemingly donThis article describes how credit cards for college students can help young people to establish credit.
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