Thousands enjoy benefits of current account mortgages

Peter Stokes\' letter about offset and current account mortgages (Mortgage Strategy February 25) acknowledged that for some clients these sorts of products are appropriate.

He agreed with comments I made in a recent Dear Delia column (Mortgage Strategy February 11) that current account mortgages can be valid.

But his view that the interest rates charged on current account and offset mortgages do not constitute good ad-vice misses the point.

One of the benefits of current acc-ount mortgages is that by pooling income and savings with mortgages, clients can reduce their outstanding debts to a level that could be considerably lower than what they’d pay with competitive fixed rate products.

I agree that current account mortgages are not for everyone. But when you take into account the other flexible benefits they offer such as unlimited overpayments, current account mortgages cannot be judged on headline rates alone.

We find the appetite for such mortgage products is growing, especially among self-employed borrowers.

We have thousands of clients who are delighted with their current ac-count mortgages as they have been able to manage their finances to do the things in life they want to.

Mel Buckingham
Head of sales
The One account
By email