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FLEXIBLE MORTGAGES Flexible Mortgages put you in charge of your own finances. You can overpay each month which means you can potentially save thousands of pounds in interest payments. You can also borrow back the money you have already overpaid or stop payments for a couple of months when expenditure may be at its highest. However, borrowing back/stopping payments can potentially increase the term or amount payable. You are also able to calculate interest daily. This means that when a payment occurs, your interest will be reduced straight away and not at the end of the month. This may seem of little significance during a small period of time but over a large number of years, the saving can be of great importance. A Flexible Mortgage can be ideal for someone who has a fluctuating monthly income i.e. self employed or commission based employees. This means that you will not have the constant worry about making a fixed montly mortgage repayment and thus pay as much or as little as you can afford so long as the minimum payment prescribed by your lender is made. |
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