Current Account Mortgage
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Current account mortgages are pretty much the most misunderstood mortgages around. But thatís a huge shame because they could offer millions of people the chance to clear their loans well ahead of the standard 25 year term Ė saving thousands of pounds of interest in the process.
The real beauty of the loans is that once they are set up the benefits start to come in automatically. You donít need to change your spending patterns or even try particularly hard to save any extra money. Instead you simply get regular mortgage statements that show you are eating way at your debt far faster than ever before. ĎItís like making money when you sleep,í is how one happy current account mortgage customer once described it to me. And heís right.
Neil Simpson is a former Personal Finance Journalist of the Year and writes regularly on property, mortgage and insurance issues for the Mail on Sunday, City AM newspaper and many other publications.