Current account mortgages have been around for several years and more and more UK borrowers are expected to take out this type of flexible mortgage product over the next five years. One reason is the flexibility offered by current account mortgages, which is similar to that offered by other flexible mortgage products. Overpayments are allowed on these mortgages, usually without penalty. Savers especially can benefit from offsetting their savings against their mortgage and effectively gaining a higher rate on their savings. Be warned, though, current account mortgages require discipline – that large overdraft must usually be paid back before you retire.

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