Your Circumstances
Flexible Mortgage
As the name indicates these mortgages provide more options than with a traditional mortgage. The amount of features available from product providers can vary. Basically a flexible mortgage provides daily or monthly capitalisation of the outstanding mortgage balance and the ability to make non penalty overpayments at any time.
The above options can encourage and enable borrowers to repay the mortgage early. Daily or monthly capitalisation helps reduce the interest you pay where any capital is paid off the mortgage as compared with a traditional type of mortgage where you may not benefit from the capital repayment until the lender's year end when the interest payable for the year ahead is calculated.
Other features that are available on flexible mortgages may include the provision of banking facilities and as well as the ability to request back any overpayments should you so require.
A tax effective option some borrows choose is to pay there deposit savings off the mortgage, effectively earning a net rate of return equivalent to the mortgage on these investments.
Its your choice
“We do not usually charge a fee for mortgage advice. However you do have the option to pay a fee of eg: 1.5% of the loan value and then you would receive any commission payable by the lender."
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
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