One Account Mortgage
Anyone who has had a mortgage knows that it is a big fat pile of debt that sits there, making the bank rich while is builds up interest as you slowly pay it off. But here comes the The One Account Mortgage. It combines this debt into your normal current account and your monthly salary gets offset against your mortgages balance.
What does this mean? If you have monthly income left in your account, it is counted towards your mortgage debt. You will then pay interest on this reduced sum. You can add to this account any savings you have. The cool thing is that this can be counted against the mortgage debt too. This will further reduce the amount you pay interest on. And as always, you pay extra money on your mortgage any time you want without penalty, and as a major plus, you can take a break from mortgage repayments if finances get tight.
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