Current Account Mortgages
A Current account mortgage is probably one of the most complicated types of mortgage. Basically your salary every month is paid into a current account which is attatched to your mortgage. Then, your salary that is in the current account reduces the capital of your mortgage balance, which in turn reduces the interest payable. eg Mortgage value of £100,000, you pay £1000 into your current account that is attatched to the mortgage, so making the interest calculation on the mortgage only calculated on £99,000. However you must note that you would still have to make a set monthly payment on your mortgage just the same as you would any other type of mortgage.
A Current account mortgage is excellent if you tend to always have an excess of salary each month that you don't spend.
Although this does sound complicated our trained advisors will be available to help you out and explain this in much more detail.
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