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Types of mortgages >
Flexible Mortgages |
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Flexible Mortgages
This type of mortgage is all about flexibility of payments and
borrowing.
A true flexible mortgage should offer you the ability to overpay
on your either on your monthly payments or as capital lump sums
and also under pay and take payment holidays.
One of the other main benefits with a flexible mortgage should
be in the way interest is charged. On a true flexible mortgage
interest should be charged on a daily of at the very worst a
monthly basis this has the benefit of a reduction in interest
costs as soon as capital repayments are made which as well as
reducing monthly costs can significantly reduce the term of the
mortgage.
Some flexible mortgages will also allow you to borrow back any
overpayment you have made in the past and some also agree a
maximum limit and even though you may not borrow that full
amount on the day, they give you a cheque book that allows you
to draw down the funds and a later date. In addition this cheque
book can also be used to re-draw funds that have accumulated as
a result of over payments in the past.
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