| Flexible Mortgages
A flexible mortgage, as the name
suggests, offers the borrower a degree of flexibility
in terms of the repayments in order to fit around their
lifestyle. Unlike other forms of mortgage, the amount
that has to be repaid each month is not fixed of defined
in relation to the base rate, instead the borrower is
given the freedom to decide within certain restrictions
how much they pay.
The exact terms of the flexible mortgage
will vary from lender to lender, but in general there
is a set repayment amount to act as the baseline, you
will be free to make payments in excess of this without
limitation or any penalty for clearing the mortgage
early. As interest is usually calculated daily you will
be immediately reducing the cost of your loan with each
payment.
In terms of payment holidays and underpayments
there are restrictions, there will be limits to the
number of successive underpayments you can make and
you may be limited to a certain number in any given
year. The restrictions on payment holidays will often
only allow you this option if you have made sufficient
overpayments in the past, although this is not always
the case.
Flexible mortgages often have a higher
interest rate than standard mortgages, but you can pay
your mortgage off early which is a huge attraction for
many people, and the benefits of the flexibility can
be invaluable to those who are not on a fixed income
such as the self-employed. If you are considering a
flexible mortgage, we can help find you a great deal
through our comprehensive service.
Click Here for a
Flexible
Mortgage Quote
Or call 0800 195 5081
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