Flexible Mortgages
Flexible mortgages recalculate the outstanding capital and interest (the amount you owe) on a daily basis. This allows you to make overpayments when you have money to spare, and see an immediate reduction in your loan.
Some also allow you to make underpayments when finances are tight, which will increase the interest you have to pay in the long term.
They may even allow you to take repayment holidays – a complete break from making payments as long as a reserve amount of money is in your account.
Any unpaid interest will be added to the outstanding mortgage; any overpayment will reduce it. Some flexible mortgages have the facility to draw down additional funds, to a pre-agreed limit.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
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Explore your mortgage options
Before you choose a specific deal, you need to decide what type of mortgage is the most appropriate for your needs.
People buying their first home often have specific needs when it comes to finding a mortgage. A range of mortgages exists specifically for this market sector.
With options for overpayment and payment ‘holidays’, a flexible mortgage can make the traditional 25-year British mortgage look rather old-fashioned.
These are mortgages suited to people building a new home. With a self build mortgage, money is released in stages as the build progresses.
Remortgaging means switching your mortgage to another deal with another lender without moving property.
Equity release can help people release cash (equity) in their homes for a particular purpose, like supplementing retirement income.
These types of mortgages are designed for property investors and private landlords, who do not intend to live in the purchased property but will let property to tenants.
A bridging loan is taken out to ‘bridge’ the gap between the purchase of a new property and the sale of an existing one.
The government has put in place a number of schemes to support house purchasers, such as Help to Buy.
An offset mortgage enables you to use your savings to reduce your mortgage balance and the interest you pay on it.
Second charge loans can be secured against residential or Buy to Let properties.