Current account mortgages

The current account mortgage, which is now widely available in the UK, gives you the opportunity to access additional borrowing on top of your main mortgage. This additional borrowing, often known as a 'drawdown facility', is secured against your property in the same way that your mortgage is. As with a normal current account you can access the funds with a cash card and chequebook.

The lender will set a limit on the size of your drawdown facility at the outset, based on your income and the amount of available equity in the property. Subsequent increases of your current account limit will be subject to application and agreement by your lender's underwriters. Current account mortgages can save you significant interest as compared to borrowing lump sum further advances, because you will only pay interest on your outstanding debt, rather than the full facility that your lender agrees.

If you have a fluctuating income then a current account mortgage could be a great help, allowing you to borrow in the lean times and pay the additional borrowing back when you can afford it. Contact us today for details of current account mortgages and how they could help you: there is a huge range of rates available, so to find the best deal it makes sense to seek professional advice.