usually if you have good credlit, you can have $25000, where mortgage amount is significantly higher than PLC. You can borrow money from your PLC account the same way you transfer money between your bank accounts using telephone banking or internet banking any time, any where. The bank will send you a monthly statement indicating outstanding amt, mini payment (3% of balance or $60 depending on your specific deal) etc.
as for mortgage (regular fixed close mortgage), you pay FIXED payment which includes yr interest & payment of principal. For PLC, you can pay mini pmt only, or you can pay extras if you have extra cash and don't want to redeuce your interest cost.
as for mortgage (regular fixed close mortgage), you pay FIXED payment which includes yr interest & payment of principal. For PLC, you can pay mini pmt only, or you can pay extras if you have extra cash and don't want to redeuce your interest cost.