Flexible

This is a relatively new type of mortgage which, as the name suggest, is flexible. It is structured so that you can overpay, underpay and even take payment holidays without incurring any penalties. Most flexible mortgages have their interest calculated daily, bringing about the full benefits of overpaying. Regularly overpaying the Flexible Mortgage without later underpaying it could lead to the mortgage being paid off sooner and save you thousands of pounds in interest.

Although Flexible Mortgages fall into either Repayment or Interest Only Mortgages, they have been included here due to all the options that come with them, e.g.: overpaying/underpaying, payment holidays, pay loan off sooner, etc.

Points To Note:

  • Permits overpayments and underpayments on mortgages and allows all overpayments to be drawn back.
  • Gives you the option to repay your loan before the end of the term by overpaying.
  • Usually interest is calculated daily giving the benefit of saving you money when overpayments are made, even if the money is drawn back at a later date.
  • Allows you to vary the amount you pay, either overpaying it, under paying it or taking payment holidays as long as you do not exceed your original mortgage threshold.
  • Some enable you to use your mortgage account as a current account, giving you the ability to pool your money with the standard current account options of a cheque book and debit card.
  • There are generally no penalties for redemption of the mortgage.

 

Main Benefits

  • Vary your payments to adjust to your current financial situation and lifestyle.
  • Has the potential to supply you with substantial interest payment savings.
  • Permits you to repay the loan before the end of the term using regular overpayments, if you would like to.
  • Provides an excellent place to house spare money, e.g.: annual bonus. This is due to the fact that interest saved on your loan will normally outweigh the amount you would normally receive from a savings account, even prior to income tax which usually affects savings account.

 

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YOUR HOME MAYBE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE