Flexible Mortgage
Many people have their financial arrangements split between various sources and as a result they will have a number of different interest rates and charges for their mortgage, personal loans, credit cards and current account. Flexible mortgages allow overpayments and underpayments to be made against your mortgage without penalty costs being incurred. Being able to control when and how much you repay does mean that you can overpay when you have the spare cash. Conversely, if you find yourself short of money you can repay less than you normally would or skip a payment. However, with the repayments being under your control and not under that of the mortgage lender, you need to maintain discipline.

Not all flexible mortgages are equal with regards to conditions that are imposed. Some restrict how much you can overpay by setting upper or lower limits on the additional amounts.

There is also a type of flexible mortgage that helps you to make more money. This is the ‘current account mortgage’. With this, your current account balance is offset against the outstanding balance on the mortgage. For example, if your mortgage outstanding is £50,000 and your current account balance is £2,000, your mortgage interest will be based on an outstanding balance of £48,000. Even if the balance varies you can still save a lot of money over the period of the mortgage as the outstanding balance is calculated on a daily basis

With so many ways to repay your mortgage (with the exception of the repayment method) regular reviews should be carried out to ensure that you have sufficient funds to repay your mortgage loan at maturity.

We offer an extremely competitive service, so for more information contact us on:
Telephone: 0115 945 5199   Fax: 0115 982 6250

YOUR HOME MAY BE REPOSSESED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR OTHER LOAN SECURED ON IT. YOU SHOULD NOT PROCEED TO PURCHASE ANY PRODUCT WITHOUT INDEPENDENT FINANCIAL ADVICE - FOR MORE INFORMATION CONTACT US.
Written Quotations are available on request. Loans subject to status

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David Burnell Financial Services Ltd
1 Albert Road, West Bridgford, Nottingham, NG2 5GS

Tel: 0115 945 5199   Fax: 0115 982 6250
Email: info@davidburnell.co.uk

David Burnell Financial Services Limited is an appointed representative of IN Partnership the trading name of the On-Line Partnership Limited which is authorised and regulated by the Financial Services Authority.

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