Flexible Mortgages

Borrowing is often split between various sources and interest rates e.g. mortgage, personal loans, credit cards and current account. Flexible mortgages allow you to hold all your borrowing in one place and make overpayments and underpayments as appropriate without incurring penalty costs.

Overpayments and Underpayments

This means you can control when and how much you repay. Conversely, if you are short of money you can repay less than you normally would or even skip a payment depending on the terms of the mortgage. However, you need to maintain strong discipline to ensure that the mortgage will eventually be repaid.

Flexible Mortgage Conditions

You need to check the conditions as not all flexible mortgages operate in the same way. Some may restrict how much you can overpay by setting upper or lower limits and some may not allow totally missed payments.
Some lenders operate a ‘current account mortgage’. This means your current account balance is offset against the outstanding balance on the mortgage. For example, if your mortgage outstanding is £100,000 and your current account balance is £5,000, your mortgage interest will be based on an outstanding balance of £95,000. The balance may vary but you can still save a lot of money over the period of the mortgage as the outstanding balance is calculated on a daily basis.
The mortgage is basically treated as an overdraft on your account. If you overspend you could increase your debt (within limits). The Financial Services Compensation Scheme does not cover any credit balances in this type of mortgage, whereas they do for other types, such as offset mortgages.

Our services can be paid for by a fee or commission basis. Typical fees would start from £295 and be agreed before any work is carried out.

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your home may be repossessed if you do not keep up your repayments on your mortgage
always be sure you can afford the repayments before entering into a credit agreement
You should not proceed to purchase any product without seeking independent financial advice

Written quotations are available on request. Loans subject to status.

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