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Flexible Mortgages - Best4U Kettering Northamptonshire
Flexible mortgages are an added benefit of most standard mortgages, where you can overpay your mortgage every month and therefore repay your mortgage early and save on interest.
The main benefit of a flexible mortgage is that you can increase, or decrease, your monthly payments as and when you wish without incurring any penalties. This is particularly attractive if you are in employment where you receive bonuses, or if you are self-employed and your monthly income fluctuates.
Interest is usually calculated on a daily or monthly, rather than yearly, basis, so any overpayment you make immediately reduces your mortgage balance. By regularly overpaying your mortgage it is therefore possible to repay it early, saving you thousands of pounds in interest.
In order to underpay your mortgage, or take a payment holiday, lenders will require you to have built up an equivalent level of credit through overpayment first. You should also be able to borrow back the amount you have overpaid at any time. During in the term of a special rate you may be restricted to 10% overpayments per annum without penalty, terms differ from lender to lender.