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Compare "Current Account Mortgage" terms
Wannabe_Mortgage_Free
Posts: 3 Newbie
Hi All
This my first post :-) so I hope someone can help :-)
I think I understand the difference between an offset mortgage (where you actively move money into a savings account to reduce the amount on which interest is being charged) and a current account mortgage (where every £ that hasn't yet been spent is reducing the overall amount upon which interest is charged).
I want a current account mortgage (CAM). My problem is that I have not found anywhere that compares the terms of CAMs (plenty of places comparing offsets!). Can anyone help? Also is there such a thing as a fixed rate CAM ? (I know there are fixed rate accounts with offset facility) please tell !
Thanks in advance !
This my first post :-) so I hope someone can help :-)
I think I understand the difference between an offset mortgage (where you actively move money into a savings account to reduce the amount on which interest is being charged) and a current account mortgage (where every £ that hasn't yet been spent is reducing the overall amount upon which interest is charged).
I want a current account mortgage (CAM). My problem is that I have not found anywhere that compares the terms of CAMs (plenty of places comparing offsets!). Can anyone help? Also is there such a thing as a fixed rate CAM ? (I know there are fixed rate accounts with offset facility) please tell !
Thanks in advance !
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Comments
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Intelligent Finance, Natwest and a couple more I cannot remember0
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Thanks UK007BullDog, I'll look at those two...0
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How about oneaccount.com ?0
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Thanks for your suggestion. The one account has quite a high interest rate. What I'm looking for ideally is a way of comparing the terms of 'current account mortgages' so I can compare the interest rates, set-up fees and terms. I haven't found this so far. If this doesn't exist I would like to hear of any CAMs that exist and I'll look at them all individually and compare...
Thanks0 -
first direct have fixed rate CAMs, 4.99 for 5 years, 5.15 for 10 years.
plenty posts about them on this board.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Most offset accounts let you offset both savings and current accounts.I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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