UK Mortgage Advisors

Current Account Mortgage

What is a Current Account Mortgage?

Several companies offer an extremely flexible mortgage that is linked to a current account, which is called a current account mortgage. Your mortgage account and your bank account are merged into one and you are issued with a cheque book and cash card just as you would with an ordinary current account.You pay your salary into the account and a proportion is automatically used to meet your monthly mortgage repayment. You can pay as much off your mortgage as and when you like, according to monthly minimums set by the mortgage lender. At any time you can borrow back some or all of the money you have managed to overpay on your mortgage. These mortgages are ideal for those paid regular bonuses who can reduce the mortgage balance quickly.