CAM Mortgage

HTW

Has anyone got a Current account mortgage
Is it a good way to pay your mortgage off.

Dithering_Dad

Hi HTW,

I have an offsetting savings account attached to my mortgage and find that's its a great way to help pay off my mortgage. I am self-employed and need to have a larger than normal "emergency Fund" to cover me for periods when I haven't got any work. The offset account is great for this.

I did consider the Current Account Mortgage route, but I decided that I wasn't disciplined enough to be able to manage it - I'd end up taking too much money out!!

I also would have found it a tad depressing to look at my current accoutn and see it overdrawn by 150k!

HTW

I am thinking about getting a CAM mortgage because
I have about 30k to offset
The 115k overdraft will make me try harder to reduce it.

Not a mortgage for people without self control. If I get one I will be able to buy a flash car with the card in my pocket ,so I,d better invest in some blinkers for when I pass garages.

Dithering_Dad

lol, I'm the same with the money in my offset - I reckon I must've spent it about 4 times over!

You may be better with an offset like mine - the only way to get money out if a bank transfer and that takes 3 days, which is enough time to calm down and then transfer it back in

You should also join the MFiT thread for support and motivation and to stop you from falling off the MFW waggon when you pass a BMW garage

catshark88

Have the same prob with the Woolwich offset, every overpayment shows as an agreed overdraft! Must get bank to cap it or I will end up going into Thorntons & buying my own bodyweight in Choc!

HTW

Its Mercedes for me.
I am lucky I have a couple both paid for so thats one itch scratched.

If I set my mind to paying off the mortgage I will do it, I know the big negative number on the statement will be motivation for me. You have to find something that will work for you.

jamesd

Just watch the interest rate and ensure that it's not a lot over the rates for an offset or flexible mortgage. Some of the current account mortgages are in rip-off territory with rates over 7%.

HTW

I get the lowest rate because my LTV is around 37%