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....
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