 Sam
Site Admin
Joined: 21 May 2005
Posts: 286
Location: CALIFORNIA
120.37 Dollars($)
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 Posted: Thu Jun 03, 2004 10:26 pm Post subject: Current Account Mortgage |
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Current Account Mortgage is a combination of a 'current account and a flexible mortgage'. It is a mortgage of the new millennium. It is also known as one account mortgage.
Advantages of Current Account Mortgage:
- Interest is calculated on daily basis.
- Extra payments can be made when ever a borrower likes.
- It offers a drawdown facility.
- Extra payments can be as much as a borrower likes, there is no minimum or maximum amount.
- It helps in reducing borrower's outstanding loan. He/she will be charged interest on a smaller debt.
- Here the payments are credited immediately.
- No early redemption charges are there.
- It comes with a cheque book and guarantee/debit/cash card.
- Brief monthly statements are sent out automatically.
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