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Current Account Mortgages - Disadvantages

Hi,

I'm looking at changing my mortgage shortly, and the two types that appear to interest me are a flexible mortgage, or a current account mortgage.

I was quite happy with a discounted flexible mortgage until the mortgage adviser sowed the seed of the current account mortgage into my head. So, my question is, what are the disadvantages with this type of mortgage (apart from the increased interest rate, which the adviser *did* tell me about!)

It appears to me, that if you're careful with your money, then you can pay it off in no time....surely this is too good to be true??

Any advise greatly appreciated. Thanks for your time, Steve.

Reply to
Steve
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Yes, the main disadvantage of these types of loan are the higher interest rates. But the quicker you pay off the loan, the less the interest rate difference matters.

But compare them. They are not all created equal.

Reply to
Doug Ramage

Yes

No

It's a FAQ; search the uk.finance archive -

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Reply to
Daytona

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