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Mortgage
Spotlight - Finding the Best Flexible Mortgage UK Deal
The
best
flexible mortgage UK is the one that
works with the needs of the individual borrower. Flexible
mortgages are home loans that allow some deviation from
their repayment schedule and allow underpayments, overpayments,
repayment holidays and interest charged on a frequent basis.
This review will look at each aspect of a flexible mortgage
and highlight what makes the best flexible mortgage deal
in the UK.
Overpayments
The
vast majority of flexible mortgage borrowers make overpayments
on their mortgages. The earlier that you make the extra
payments in your mortgage term, the earlier your mortgage
will be paid off. Even by making slightly higher monthly
repayments it will enable you to repay your mortgage loan
quicker. For example, on a £70,000 mortgage charged
at 6.2%, giving up your weekly coffee at £2.80 and
putting that money towards your mortgage instead, would
pay off the mortgage 1 year and 5 months early!
Some
flexible mortgage lenders state a minimum overpayment of
£25 per month and a maximum overpayment of 10% of
the outstanding balance on completion. Overpayments can
also be made by lump sum payments on an ad hoc basis. The
best flexible mortgage UK is one that allows you to overpay
at any time without penalty.
Underpayments
Underpayments
can occur when you have made some overpayments. The underpayment
option of a flexible mortgage is useful if, for example,
your finances have become stretched. You can then choose
to underpay for a few months until your finances have settled
down. The best flexible mortgage UK deal allows underpayments
straight away.
Payment
Holiday
Some
flexible mortgage deals allow you to take a complete break
from making mortgage payments for up to a year. This could
be useful if you’re thinking of starting a family
or taking a sabbatical. You have to have built up sufficient
overpayments to cover the period you take off and some mortgage
lenders may only let you take a couple of month’s
payment holiday each year. The best flexible mortgage UK
deal allows you to have payment holidays for up to a year.
Borrowing
Back
Borrowing
back overpayments, instead of taking out a loan, makes sense
if you need extra cash for any reason. You often have to
build up a reserve of overpayments against which you can
borrow and there will probably be a ceiling on the overall
amount you can borrow through your original mortgage. The
great aspect of mortgage overpayments is that rather than
putting any spare cash into a saving account and earning
a small rate of interest, the amount you overpay is taken
off your mortgage so you are effectively earning the mortgage
rate on your savings. Some flexible mortgage lenders let
you withdraw overpaid money directly using a cheque book
or a debit card and others let you borrow money as the value
of your property increases. The
best flexible mortgage UK deal allows easy access to funds.
Interest
Charges
Unlike
some traditional
mortgages that still charge mortgage
interest on an annual basis, flexible mortgages are calculated
on a monthly or daily basis. This means that any overpayments
you make are quickly credited against your loan, so you
are immediately paying interest on a smaller amount of debt,
thereby saving you money in interest charges. The best flexible
mortgage UK deal calculates interest on a daily basis.
Final
Thought
The
modern mortgage market has become more liberal and creative,
and therefore this has led to an increase in the choice
and range of flexible mortgage packages being offered to
borrowers. Due to so many flexible mortgages to choose from,
we recommend comparing a variety of them to ensure you get
your best flexible mortgage UK deal for your needs.
GET
A NO-OBLIGATION FLEXIBLE MORTGAGE QUOTE COMPARISON AT THE
ABOVE WEBSITES
Article
Source: www.articlesbase.com/mortgage-articles/finding-the-best-flexible-mortgage-uk-deal-287536.html
About
the Author:
D Kemble wrote the article 'Finding The Best Flexible Mortgage
UK Deal' and recommends you visit The Offset Mortgage Centre
for more information on best flexible mortgages in the UK.
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