Is a UK Current Account Mortgage Right For You?
Current account mortgages are an exciting option for leveraging your income and savings against your mortgage cost - and are often much less well known about than traditional mortgage products.
Here we'll explain what a current account mortgage is, what it offers, and whom it might be an attractive option for.
If you'd like to learn more or discover the current rates on the UK market, give the Revolution Brokers team a call on 0330 304 3040, or drop a message to [email protected].
How Do Current Account Mortgages Work?
A current account mortgage balances how much you owe against the activity in your regular current account - and so combines your everyday banking with your mortgage balance.
The core benefit is that you streamline your finances into one place, and have one balance due for repayment.
As an illustration, if you owe £150,000 on a mortgage but have £5,000 in your account, you will show a net balance of £145,000 overdrawn. When you receive income into your account, the debt automatically reduces by the same amount and likewise increases when you spend money.
There is still a monthly repayment, and a mortgage term agreed as part of the contract. However, when you have cash in your current account, you reduce the interest you are paying and potentially reduce your mortgage term.
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2023-05-09 
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