Allows Overpayments

A fantastic feature which enables the borrower to overpay resulting in massive savings on Interest as the mortgage is repaid earlier. People with lump sums I spare cash periodically or those willing to make regular fortnightly I monthly overpayments or use a combination of both, will benefit as overpayments immediately reduces the mortgage balance resulting in reduced Interest payments and savings.

This is flexibility In practice and should circumstances change and you are in need of capital, one can use the REDRAW facility on overpayments made.

No Redemption Penalties

With a good Flexible Mortgage there are No Redemption Penalties. This means should you decide to repay the mortgage anytime during the term, you may do so without Incurring an Early Repayment Charge. Since Interest is calculated daily, you only pay interest up to the day repayment takes place.

By utilizing the Overpayment and Current Account facilities on your flexible mortgage, a typical 25 year mortgage could be paid off much earlier resulting in Massive Savings but with No Redemption Penalties.

In addition, most flexibles carry the PORTABLE feature so the existing Terms & Conditions of your mortgage can be transferred to your new property if you decide to move home with continued benefit of this feature.

Payment Holidays

A handy feature whereby no payments are made towards the mortgage for a period of time. This could be useful should the borrower become momentarily inconvenienced like being in between jobs and need to use the mortgage installment for another purpose. This eliminates the need for further borrowing and allows one the flexibility of their own cash.

Borrowers must exercise control as continued use of this facility can lengthen the term of their mortgage and increase the outstanding balance. Some flexibles allow one month payment holiday every year and this could be accumulated over a few years. So whatever the reason — (wedding / maternity leave / holiday / home improvements / or career break) this feature is yours for the taking.

Interest Calculated Daily

This is very beneficial to borrowers with a Capital & interest type mortgage and especially those that make timely or early fortnightly I monthly instalments. Since payments are credited to the mortgage balance on the day payment is made, it immediately reduces the balance so less interest is payable resulting in savings. This feature helps in shortening the term of the mortgage.

Other types of mortgages basically use an annual method whereby the lender will take instalments for a whole year before making just that one deduction. This results in the borrower still paying interest on money already paid towards the mortgage during the year. Therefore the borrower that takes out a Flexible Mortgage benefits from interest calculated daily resulting in Massive Savings by paying far less interest and ending the mortgage term earlier.

Lump Sum Withdrawals

Initially when setting up a flexible mortgage a Credit Limit can be set against the value of the property to meet future borrowing requirements. Should the borrower have need for a lump sum within the credit limit, this amount can be withdrawn, keeping in mind the mortgage balance will increase but also having the advantage of borrowing at the mortgage rate of interest which is in most cases the best rate attainable.

A typical example Is where the credit limit could be set at 95% of the property value. By using the Current Account facility the borrower has a Cheque Book and Debit Card at hand giving immediate spending power of the equity value held up to the Credit Limit set initially.

Results In massive savings on Interest
and years (or time saved)

Having the flexibility of all those features working in your favour — results in Massive Savings of Money and Time — keeping In mind the great advantage of being your own Money Manager as You may never need another loan again

So to start Going the Flexible Way give Flexible Mortgage Specialists a call or E-mail us for a free consultation.

Whatever your needs may be, Residential or Commercial, Purchase or Remortgage make that move right now and see how we could save you thousands of pounds on your mortgage.