First Active Current Account Mortgage statement - interest/term savings?

S

smallmoma

Guest
Hi All,

I've been lurking around this site for awhile-I find it very informative and have finally registered.

I'm hoping some of the FA CAM holders can explain the monthly statement to me. Each month at the bottom of the statement I'm told the Interest Savings-usually something like"you have saved x amount in interest and reduced your term by X months"

Here's my question-bear with me-I'm financially clueless:eek:

Are the savings cumulative or just for that month? Is it saying X months in total or X months in this month? Hope that makes sense.
 
Re: CAM holders-What does this mean?

Whats an "FA CAM holder". Ive googled and can only come up with a piece for a knitting machine.

OK .. I should be reading the other threads. So FA is First Active, but CAM still has me stumped.
 
Re: CAM holders-What does this mean?

First Active current account mortgage holder.
 
Re: CAM holders-What does this mean?

Well, you've put me in my place-I found the lingo on another thread and thought I was very clever altogether:D
It stands for First Active current account mortgage holder.

I'm taking orders for wooly jumpers lol ;)
 
Re: Can someone explain the First Active Current Account Mortgage Statement FA CAM

I think this is cumultive. I assume so otherwise I'd be saying 10s of thousands over the term rather than just the 'thousands' they advertised............
 
The figures could also just be indicative since they are a snapshot in time that may make no allowances for future interest rate fluctuations etc. Perhaps the terms & conditions of your loan agreement clarify?
 
Re: Can someone explain the First Active Current Account Mortgage Statement FA CAM

I don't see the value in that case- we have the motgage two years and from the very first statement it has always said 1 or 2 months saved. If I saved 2 months in the 6th month of the mortgage-how can it still be 2 months now (I did say I was clueless). Aren't we saving interest every day using the money in our facility account?

I'm asking because it's always bugged me that I don't understand and more importantly we are thinking of re-mortgaging to build a much needed extension and don't know if we should switch to someone else or get a top-up.
 
Clubman, didn't see your post 'til after I posted mine.I guess I better ring and ask-do you think FA can tell me exactly what length of term has been saved to date or will they just give me an estimation?
 
You must log in or register to reply here.
Back
Top