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Current Account Mortgages

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Current Account Mortgages or offset mortgages are considered as all in one solutions. They combine the money you earn and save with the money you owe on your home i.e. your mortgage. You can usually categorise the different elements when viewing your financial position online or via a statement. The most important element to understand is that the money in your Current Account Mortgage is viewed as a whole. For example if you have a mortgage worth 100,000 and money in your account of 5,000 then the mortgage debt is considered 95,000. More often than not the interest that is charged on your current account mortgage is calculated daily thus making the date that wages/bills are credited/debited important.

Latest news for Current Account Mortgages

Current account charges "likely", claims expert

It is likely that UK banks will start charging for current account services, an expert has claimed.

Online bank First Direct recently implemented monthly charges on its current accounts for customers unless they pay in a certain amount a month or buy another product from the bank, such as a personal loan or savings account.

The fact that no banks have come out and said that they would not be following suit is "very telling", according to Alison Melville, a spokesperson for Individual Voluntary Arrangement community iva.co.uk.

She went on to claim that by charging a fee for current accounts, banks would "penalise the poor" who cannot afford to maintain a certain balance in their account.

However, she added that when it came to some types of charges, such as overdraft charges, the public was increasingly aware of its rights.

She said: "I think that because the profile of consumer rights has been raised in the press recently on sites such as iva.co.uk...consumers are now more aware of what they can fight back about."

The Evening Standard reported that the banking industry is set to reveal profits of 37 billion for 2006.

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