We don't like current account deals

Current Account Mortgages such as NatWest One and Barclay's Openplan seem a good idea. But they are not.

To maximise the benefits, these loans require you to put all your eggs in one basket, combining your banking arrangements and your mortgage. So, your salary or savings act as a credit balance against your home loan.

The theory is sound. But in practice, the rates are not competitive. They are commonly linked to the bank base rate but with a higher than average margin built in. With likely base rate rises, an immediate increase would be seen in monthly payments.

In our experience, customers rarely use all the facilities that they pay for. There is better value for money available with traditional loans.