Home Owners
A few years ago the standard mortgage contract was full of small
print and penalty clauses should you wish to move your mortgage or
repay it early. Today, the market has moved on and mortgages are
now increasingly flexible and contain fewer restrictive terms. This
new generation of mortgages are called - flexible mortgages.
Generally speaking the better your credit history the more
flexible a mortgage deal you will be able to get. It is for this
reason that the majority of people with a flexible mortgage tend to
have a reasonably good credit history. As a general rule you should
try to get as much flexibility in your mortgage deal as possible.
You never know your circumstances may change and with a flexible
mortgage you are giving yourself more options.
Low Rates
In general, mortgage rates are calculated daily (as apposed
to annually). This in effect means that any overpayment that you
make will immediately reduce your outstanding balance.
Offset Mortgages
Offset mortgages (also known as Current Account Mortgages)
are very much in fashion. This type of mortgage can be of real
benefit if you have or are likely to have savings. Any savings you
have are deducted from the outstanding balance and you only pay
interest on the difference. For example, if you have a mortgage of
200,000 but a current account or savings balance of 30,000 you will
only pay interest on 170,000. Over the lifetime of the mortgage
this can save you thousands of pounds, even when you take into
account any interest you would get on your savings.
We could help find you the most suitable offset mortgage.
Simply complete our online enquiry form.
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