06:55 20 August 2013
Current account mortgage is one of the most popular types of mortgages for several reasons. Unlike with fixed rate mortgage and other type of loans, current account mortgage will allow you to pay as much or as little as you can per month depending on your budget. This means that should you suddenly need the money, you can pay the minimum monthly fee for this month and just pay more next month.
Although it is very flexible, it is not recommended for those people who aren’t very effective in handling their finances. Keep in mind that with this type of mortgage, it is important that you focus on making overpayments than skipping monthly payments as this may result to higher interest rate.
When looking for the best current account mortgage rates, its best to start by asking for quotes from banks and other lending institutions. This way, you can shop around for the lowest interest rates available in the market.
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