Current Account Mortgages?

planteria

i am potentially going to be propertyless in a few months, with a view to finding somewhere to buy in the latter part of the year. at that stage, i will be after a current account (ideally) or offset mortgage.....thinking i would keep ISAs and other Equity investments but use all cash to offset the mortgage.

not a lot of offsetting available on the market though

Chelsea BS
First Direct
Handelsbanken
Santander
Yorkshire BS

any others

a few years ago there was a lot of talk of Current Account Mortgages becoming commonplace, but there aren't any available now, are there:huh:

amnblog

Don't forget Barclays Woolwich.

Two of the major offset/current account specialists (IF and The One Account) stopped operating in the market turbulence of 2008/2009.

It is a market that has certainly contracted.

You can still access and use these types of schemes. Sometimes the interest rates offered are a little above the best available on a standard product.

Therefore make sure you are going to make full use of the flexible facilities.

planteria

are there Any current account mortgages available now:huh:

holly_hobby

In addition to the usual suspects noted above consider ...

Yorkshire bank - http://www.ybonline.co.uk/personal/mortgages/all-our-mortgages/offset-mortgages/?Offset%20mortgages

Nat West .... http://www.natwest.com/personal/mortgages/offset-flexible.ashx

Both available on C&I ..... which may not suit your requirements.

Hope this helps

Holly

BeckyMellor225

Ours is with VirginOne - I hadn't realised they were not accepting new business. If it is the right approach for your circumstances then I recommend going for it. We have never regretted it and have bought cars, building works, etc with no issues - we have much more than 50% equity and high throughput on the account. we pay 3.9% which might not be the best rate ever but the flexibility is worth it. We will have paid it off before our non performing endowments mature - I am not sure I would feel so relaxed about the future with a more traditional approach that had not enabled routine overpaying

planteria

what does C&I mean?

planteria

ahh, Capital & Interest:question:

that sounds brilliant to me Becky...i'd be delighted if the OneAccount becomes available again:starmod:

planteria

and thanks holly:)

planteria

are there any Current Account mortgages on the UK market at the moment??

holly_hobby

Yorkshire bank is a current account mortgage - did you explore the link ... heres a snipit.

"Link your Yorkshire Bank current and savings accounts, and even some business accounts, to your mortgage and save on interest payments. And enjoy a discount on your interest rate for the first two years."

Whereas natwest links the balance of your current/saving account(s).

Does that answer the Q ?

Holly x