Jason Bailey

Expertly compared by Jason Bailey

Products Updated April 6, 2018

Current Account Mortgages

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.

FAQ

Current account mortgages, not to be confused with Offset mortgages, which are subtly different, combine your mortgage and your current account into one single account. An Offset mortgage doesn’t combine your accounts, it merely links them. Other than that they work in the same way in that the outstanding amount on your mortgage will be reduced by the amount that is in your current account.

If you prefer having a large amount of savings rather than reducing the balance on your mortgage this can be an attractive option as you can keep your savings in an easy to access account, but while they are there they will effectively also reduce the balance on your mortgage at the same time, which will reduce your mortgage payments as your interest will be calculated on the reduced value.

Current account mortgages allow you some flexibility in how you repay your mortgage. By offsetting your savings and whatever is in your current account you can potentially choose between reducing your monthly mortgage payments or maintaining the same level of payment and reducing the term over which you repay your mortgage and so pay it off sooner. Either option will lead to you paying less interest in the long term.

It is worth noting that you will not earn interest on any money that is held in your offset accounts so always check to see which way you will make the most of your money. If you are going to receive 0.5% interest on you savings, but you are repaying a mortgage with a 5% interest rate, you are going to be better off reducing the size of the mortgage by using your money in an offset account. Also, an offset account is only really worthwhile if you are going to have a reasonable amount of money in your current or savings accounts. If your income and outgoings mean that your current account gets down to the last few pounds every month then chances are you will get a better deal on an alternative scheme that offers you a lower interest rate.

There are a number of potential benefits of having an offset mortgage, with one particularly strong one being that it is possible, in some cases, to link a family member’s account so that their savings reduce your mortgage burden without them having to hand over any money physically and without losing access to their savings should they need them.

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