If you have already read the pages on the flexible and offset mortgage it will help as the current account mortgage or remortgage are a further extension of those types of mortgage account.
This type of "facility" enables the borrower to run all their personal financial affairs through a single, current account. The customer’s normal cash flow through the account temporarily reduces the outstanding mortgage debt and thus saves interest. Including existing & future savings in the same account further reduces the amount of capital on which interest is charged. Since interest saved (as opposed to earned) is not taxable, the investor’s net return on savings used this way is enhanced.
By including other debts in the account the borrower may also pay the mortgage rate on all other debts (usually a lower rate than unsecured). Interest is calculated daily. So when salary goes in debt and interest is reduced, the debt will rise though when standing orders etc go out of the account.
These types of accounts have massive advantages for the right type of customer, 
but they do not suit everyone. The customer needs a surplus in their budget at the end of most months to really take advantage and the discipline to manage their finances.
The One Account (originally the Virgin One Account) part of the RBS Group is one of the market leaders in this type of account. There slogan "make one day today" refers to customers having the means to repay the mortgage early therefore saving years in time and thousands in interest payments. HBOS have a current account mortgage called "Intelligent Finance" and the Woolwich's is called "Open Plan".
Used correctly people have been able to halve their mortgage balances in 3-5 years with these type of loans. The term loan or mortgage doesn't really describe this type of account accurately. It is an agreed "facility" and you can borrow back up to that originally agreed limit at any time. This can be a great advantage but on the downside can be dangerous in the wrong hands.
If you would like to remortgage to this type of account or purchase a new property with this type of account then although we do not arrange mortgages at MortgageMap we can arrange for you to speak to an adviser.
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