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Clydesdale offers all-in-one

Clydesdale Bank is introducing a flexible all-in-one mortgage which combines a homeowner&#39s banking requirements into one account.

Launched in Scotland next week, the current account mortgage combines an overdraft, current account, personal loan, mortgage and savings facilities.

Clydesdale says account holders will be able to control the pace at which they pay off their homeloan because any money paid into the account, such as salary, starts reducing the outstanding loan balance thus cutting down the interest charges.

Homeowners can also save by putting as much of their monthly expenditure as possible on their credit card and paying it off just before interest is charged to keep the balance low.

Account holders can borrow up to the agreed limit without having to complete personal loan application forms.

There is a single variable rate of interest payable onthe entire loan – currently7.74 per cent.

The bank says by keeping savings in the all-in-one mortgage, homeowners can avoid paying tax on them but still have immediate access to their money.

Clydesdale head of retail financial services Paul Fegan says: “This new, totally flexible home loan offers customers the chance to make huge savings and free themselves from a traditional mortgage commitment many years sooner than they ever thought possible.”

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