All in one account Loans

This is loan account that acts as a combined mortgage, savings and cheque account. You have a central mortgage account into which your salary and any other cash payments are deposited, you then access the funds to pay off the minium monhtly mortgage repayment. Any extra cash in the account will reduce the principle amount owing and thereby reducing the amount of interest charged.

Benefits:

·          Interest Fixed at a Set rate

·          Choose to Fix from 1,2,3 ,5, 7, 10,15 years ( depending on lenders)

·          Would not affect monthly repayment if interest rate rises

·          Ability to set Budgets

Points to Consider:

·          Break fees applies if you choose to exit the fixed period prematurely

·          Slightly higher interest rate then the standard ( at time of fixing)

·          Offset Accounts usually not available