Current Account Mortgage
A mortgage product that operates on the same basis as a current account. Instead of having a mortgage as a loan it is set up like a large overdraft on a current account which operates as your main bank account. One of the main features of this type of mortgage is that you only pay interest on the outstanding balance or overdradft, so when you income goes into your account it temporarily reduces your outstanding balance and therefore greatly reduces your interest payments you make over the life of the mortgage.
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