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A major benefit
of a Flexible Mortgage is that it gives you an amount of freedom:
to be flexible with your mortgage repayments, and to suit your other
financial needs.
A flexible mortgage
can also save you money, sometimes a very considerable sum, for
two reasons:
- Firstly
it allows you to pay off your mortgage as quickly as you like.
The sooner you repay your mortgage the less interest will gather
on it.
- Secondly,
unlike traditional mortgages, interest is usually calculated on
a daily basis. So whenever you make a repayment to reduce the
loan you receive the benefit immediately. And on days when the
interest rate drops you gain immediately too.
When to consider
a Flexible mortgage?
- If you plan
to pay off your mortgage as soon as possible. Doing so can save
a remarkable amount of money!
- When you
know your ability to pay back your mortgage will improve over
time (i.e. your earning power will grow). So it might appeal to
you to make increasingly larger monthly repayments. With a Flexible
mortgage this is possible, without penalties.
- When your
income is likely to fluctuate, you can usually adjust your repayments
both down as well as up, or you can even stop paying for a while.
Again without penalties. If you are Self-Employed this can be
a very sensible way to borrow.
- If you find
you need to borrow money in the future then this type of mortgage
might also benefit you. If by then, you have already paid back
more than the minimum required, then you can withdraw the extra
you paid in earlier years. Your mortgage will simply tend towards
the original projected repayment period.
- If you have
plans to keep savings in a high-interest deposit account, then
you might find a flexible mortgage is a more lucrative way to
operate your finances. As long as you are ahead with your mortgage
repayments then the money you planned to save for a future date
can be released again (see above paragraph).
Flexible Mortgages
work on the Repayment principle. Unfortunately they usually don't
come in fixed, discounted, capped or cashback varieties.
To discover
just how much a Flexible Mortgage is likely to benefit you please
apply now.
An Advisor will paint the full picture for you with facts and figures.
It costs nothing to ask
now !
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Useful
reading
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Useful Links
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'Buying
a House'
'Buying & Selling'
and many other books
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