Flexible Mortgages - A great way to help you become Mortgage Free
Afterall we would all like to be Mortgage & Debt Free!
We can help set you on the right path. The main ingredients are:
Plenty of self discipline. To turn your dream into a reality, you need to have a plan, and stick to it! The faster & more that you overpay your mortgage, the quicker you will pay it off.
The right type of mortgage product, that provides you with the flexibility that you need. There are literally thousands of mortgages available, but getting advice on the right one is essential.
Below is a brief description on flexible mortgages, however make sure you take advice from Independent experts, as some mortgages are definitely more flexible than others.
Overpayments
The starting point of all flexible mortgages is the ability to make overpayments on the mortgage. So why overpay your mortgage?
You may want to get rid of your mortgage debt as quickly as possible.
You may want to save money, which is achievable even through small overpayments.
Early repayment charges
An early repayment charge may be made by a lender when you redeem (pay off or move) your mortgage. A truly flexible mortgage should have no early repayment charges, as the main benefit is to encourage borrowers to pay off their debt as quickly as possible.
If you have savings, or are a regular saver, an Offset mortgage might be the right answer for you.
Interest calculations
A true flexible mortgage should calculate interest on a daily basis, this way any overpayments that you make would be credited immediately, and therefore the benefits kick in straight away.
Underpayments
Truly flexible mortgages allow you to make underpayments. This facility maybe useful when you have times where you have additional expenditure. Most lenders will insist that you have previously made overpayments before they allow you to make any underpayments.
Payment holidays
Many lenders will allow you to take payment holidays. Again they will usually require you to have made overpayments previously. For example if your mortgage payment is £500 per month, and you have previously made overpayments of £2000, then you would be allowed to take up to a maximum of 4 months payment holiday. Could be useful if you are planning some time travelling!
Borrow Back
There may be occasions when you need to access a large sum of money. With many lenders you can borrow back your overpayments with a cheque book in your name. This is one of the features that encourages many borrowers to overpay in the first place.
Almost every mortgage lender in the UK offers some form of flexible mortgage. And these days, even those mortgage deals which are not called flexible tend to come with a degree of flexibility, such as the ability to make up to 10% capital overpayments p.a.
Not used a broker before? Before you contact us why not review what our clients say about us
Contact one of our flexible mortgage specialists to discuss your objectives and a we will provide you with a personalised illustration CONTACT US
0800 197 3900
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