Jason Bailey

Expertly compared by Jason Bailey

Products Updated October 12, 2021

 

Current Account Mortgages

At Lending Expert, we’ve searched and quickly displayed all the current account mortgage deals currently available in the market place. We’ve search the whole market so that you can be sure we’ve covered all the mortgage deals available. Use the search filters to adjust the results to meet your needs.

 

Free mortgage advice and brokerage service. Our experts can find you the perfect deal from thousands of products & exclusive deals:

Your home may be repossessed if you do not keep up repayments on your mortgage.

Results:1 providers expertly compared:

Lending Expert

Why?

This provider is our Expert’s Choice in its category as it won tops marks for the following.

  • TRUST
  • VALUE
  • EXPERTISE & KNOWLEDGE
  • CUSTOMER SERVICE

Learn more about how we review and assess the providers here on Lending Expert.

LTV
60% - 100%

Initial Rate
1.19% - 4.32%

Standard Rate (SVR)
3.94% - 4.79%

APRC
3.6%

Type
Variable & 3 ,5 & 10 Fixed Rate

Rated 4.9/ 5

All credit types

The mortgage experts at First Choice Finance can quickly assess your requirements and search the market place to find you the perfect mortgage deal. Click get a quote to make an enquiry today.

Read our customer and visitor reviews for this product:

Rating: 4 / 5 with 2 votes

Simple application process

by K Wheeler

Simple application process - broker was kind and offered advice.

Quick search

by James Hilton

This is a quick mortgage search facility and shows many lenders across the market. Impressed with the level of detail on each product.

Start Your Current Account Mortgage Application Today With Lending Expert!

Current account mortgages are a combination of both your mortgage and current account, enabling a combined balance which can be paid off quicker than a typical mortgage.

This option allows an individual to offset their mortgage against their current account, giving them just a single balance to pay off.

Current account mortgages can be highly beneficial for those with a high monthly income as you will need to be able to cover monthly payments from your current account alongside the mortgage payments.

If you spend less than you earn every month, you will be overpaying your mortgage; this means that you will pay off your mortgage quicker and will be saving money in the long run.

Lending Expert is a current account mortgage broker and can compare over 1,000 mortgage deals across the UK. Whilst high street banks will typically offer joint mortgages too, we can help find the best option for you with rates from 1.39% per month, whether you are looking for interest only, fixed, variable, tracker or have a bad credit history.

Start by clicking on ‘Check my Eligibility’ below and enter some basic details about you and your property – and Lending Expert will be able to help you find the best joint mortgage according to your requirements. 

 

Key Features

  • Used for renting out property to tenants
  • Rates from 1.39% per month
  • Borrow up to £2 million
  • Loan Term – 1 to 25 years or upon request
  • Minimum 25% deposit
  • Interest only, fixed, tracker mortgages available
  • Rent charged should be 125% to 145% of mortgage repayments
  • Free tool to compare joint mortgages

 

What Is a Current Account Mortgage?

A current account mortgage is one which combines your mortgage and current account, giving you one single balance to pay. The repayment can be made monthly over a term that you choose. Any additional money in the account will act as an ‘overpayment fund’, enabling you to pay off your mortgage quicker.

 

What Areas of the UK Does Lending Expert Cover as a Current Account Mortgage Broker?

We proudly offer current account mortgages across the entire UK, Scotland and Wales including Birmingham, Brighton, Bristol, Cardiff, Edinburgh, Glasgow, Leeds, Liverpool, London, Manchester, Nottingham, Newcastle, Sheffield and more.

 

How Much Can I Borrow From a Current Account Mortgage?

Speak to an expert today in order to find out how much you can borrow from a current account mortgage.

For current account mortgages, your repayment plan will need to allow for not just your mortgage payments, but also enough to cover any of your current account payments.

 

Can I Get a Current Account Mortgage?

  • Aged 25 to 85 years’ old
  • Minimum income of £25,000 per year
  • Minimum deposit 25% of overall property value
  • Good credit status 
  • Strong financial record (limited defaults, arrears)
  • The property has potential value and can be rented out

 

The typical deposit required for a current account mortgage is 25% of the property value, with some lenders requiring around 40% to 45%. Larger deposits will usually result in paying lower rates overall, since you have paid off and own more of the property. Putting down a higher deposit may also be a requirement for those individuals with limited financial records or weaker credit ratings.

 

 

What Other Factors May Impact Eligibility for a Current Account Mortgage?

Many different factors could impact your eligibility to secure a current account mortgage. 

These include, but are not limited to, the following:

 

  • Credit history
  • Age
  • Deposit / Loan to Value ratio (LTV)
  • Property type

 

Make an enquiry from our team of experts to find out more about your eligibility for a current account mortgage.

 

Is a Current Account Mortgage the Best Option for You?

Current account mortgages typically have a higher than usual interest rate. This means that if you spend less than your monthly income, you are overpaying your mortgage and helping to pay it off quickly. 

However, for this reason it relies on a sufficiently high monthly income to cover the mortgage repayment as well as your normal monthly costs.

If you can manage your monthly payments efficiently, the current account mortgage is a great option. The first step is to make sure that your finances are well organised and that you have ensured that this is an affordable option for you.

For those having doubts about whether this is the right type of mortgage for you, make an enquiry in order to speak to our team of expert advisors.

 

Current Account Mortgages & Income

More than with other types of mortgages, monthly income is a very important factor when deciding to offset your mortgage with a current account.

As previously stated, a high monthly income may be favourable for this type of mortgage. Your monthly income will need to be enough to comfortably cover any outgoings as well as your current account monthly payments.

Thus, current account mortgages are often preferred by high-end earners or those looking to take out a joint mortgage.

 

Current Account Mortgage Providers

Many lenders on the market offer competitive rates for current account mortgages. 

At Lending Expert, we compare the current account mortgage market in order to find the best provider to suit your needs. 

Rather than approaching the lenders directly and dealing with their in-house advisors, working with a mortgage broker will offer impartial advice to get you the best deal on the market.

 

How Do I Compare Current Account Mortgage Rates?

Working with a mortgage broker such as Lending Expert will help you find the best mortgage to suit your circumstances without impacting your credit rating.

Contact us today to speak to an expert and start comparing current account mortgages to find the best option for you.

 

What To Consider Before Getting a Current Account Mortgage

Prospective buyers should always consider the following factors before deciding to take out a current account mortgage: 

  • Monthly income
  • Outgoing payments
  • Any large future outgoing payments
  • Interest rate
  • Stamp duty

 

What Happens if I Do Not Keep Up With Repayments?

Your current account mortgage is secured against the property meaning that any late repayments will lead to a damaged credit score, late penalties and maybe even risk of property repossession from the bank or lender. For that reason, it is imperative to assess the affordability of a current account mortgage before choosing this option.

 

Why Use Lending Expert As Your Current Account Mortgage Broker?

Working with a number of high street banks and specialist mortgage lenders, Lending Expert has access to over 1,000 mortgage deals available and is in the perfect position to help you get approved and get the best rates.

Our eligibility checker is completely free to use and can provide an indicative quote, with no obligation. 

Founded in 2013, we have years of experience working in the secured loan and mortgage market and have helped thousands of customers to date. Our values have always been to find the right product for the right individual at the competitive rate – and we are pleased to offer our services for you today!