Current Account Mortgages
A Current Account Mortgage (CAM) may combine your mortgage, your current account, your savings account and even your personal loans and credit cards into one account. This type of mortgage typically allows over and under payments, payment holidays and charges interest on a daily basis. Any account balances you have may offset against your mortgage or loan accounts, so that the amount or balance that you pay interest on is reduced.
Current Account Mortgages can be used to your advantage to either reduce your monthly payment or to reduce your mortgage term (pay off your mortgage faster). As an example, if your mortgage is £100,000, and you have a current account balance of £20,000 you will only be charged interest on £80,000!
It must be noted that current account mortgages may only be beneficial to clients with appropriate savings account balances to offset or to clients who have disposable income they wish to offset against their mortgage balance. Please ask your adviser for further details.
- Telephone: 01443 842 452
- Fax: 01443 841 723
- Address: 1st Floor Unit 6, Charnwood Court, Heol Billingsley, Parc Nantgarw, Cardiff, CF15 7QZ
- info@mortagefinancial.co.uk
