Current Account Mortgage
A fairly new kind of mortgage has come on to the market in recent years which is known as a current account mortgage. This is a very flexible kind of mortgage which is linked to your current bank account. 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 that can reduce the mortgage balance quickly.