Most mortgages nowadays have some flexible features that allow you to vary when and how you pay off your loan.
You can expect flexible mortgages to have all, or some of these features: • Regular overpayment facility – you can increase your monthly repayments and repay your loan off early. • Lump-sum overpayment facility – you can pay off a chunk of your loan • Regular underpayment facility – you can reduced your monthly payments for a period • Payment holidays – you can take a break from your payments for a set time • Lump-sum withdrawals – you can withdraw a chunk of money up to the limit of the total loan of your overpayment reserve • Flexible payment facility – you can choose to pay weekly or fortnightly • No redemption penalties – you are not penalised for repaying your loan early, although most lenders will impose a limit on how much you can repay each your • Daily calculation of interest – interest on the outstanding balance is calculated daily, so any overpayments or underpayments you make are acknowledged immediately Some of these features are available on standard mortgages, so you may be able to get what you need without taking a fully flexible mortgage. Find the best mortgage for you here
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Date: 30th, March, 2006 |
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