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Clydesdale offering all-in-one mortgage

Clydesdale Bank is offering a flexible current account mortgage which gives homeowners options at times of economic uncertainty.

The Rapid Repay mortgage combines the borrower&#39s current account, overdraft, personal loan, mortgage and savings facilities.

Repayments to the acc-ount reduce the outstanding loan balance and the account gives instant access to borrowing and savings facilities. There are no rigid monthly repayments and savings can grow tax-free.

Homeowners can bor- row against their mortgage at the mortgage interest rate. The current standard variable rate is 5.74 per cent. Minimum loan is £40,000 with a loan to value maximum of 90 per cent.

According to research commissioned by Clydes-dale to support the development of the mortgage, 57 per cent of Scottish homeowners said they would prefer a mortgage that did not require a rigid monthly payment.

The study found 22 per cent of homeowners have been thinking about swapping their mortgage to a more flexible one. Of people with endowment mortgages, this figure rises to 37 per cent.

General manager of personal financial services Paul Fegan says: “As an all-in-one current account mortgage, Rapid Repay allows savings to grow tax-free at the mortgage interest rate when savings are falling. It also offers equity release through immediate access to cheap further borrowing, with the added assurance of a built-in safety limit that will ensure the mortgage is still paid off in the original term.”

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