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Current Account Mortgages
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It’s like having a huge overdraft - every time you pay money in your debt is reduced. Every time you take money out, you are in effect borrowing against the security of your home. You are free to overpay and underpay - as long as you are on schedule to repay the mortgage. You are can agree to treat the mortgage as a repayment mortgage by scheduling to repay capital and interest each month or to treat it as an interest only mortgage facility and save into a separate investment tool such as an ISA or pension which will pay off the outstanding capital at the end of the mortgage’s term.
Rates on current account mortgages are usually a little higher than the standard variable mortgages because you have the facility to consolidate all your other debts into the account. For example you can pay off your credit cards where you could be paying 14% to 18% interest, or the HP on your car.
You can also have the facility to reduce your borrowings at any time thus paying the mortgage off faster and reducing the amount of interest you pay.
Secured loans
Mortgages