Remortgages Info

When these mortgages first came to the UK there were no fixed or discounted rate flexible deals available. Borrowers simply had to choose a variable rate, and the actual rates on offer were not anywhere as competitive as they are today. Alongside this, Flexible Mortgages are now mainly being viewed as suitable for people who have experience of being homeowners, not to point out managing their money, rather than first time buyers. However, as these mortgages have evolved, the benefits to the borrowers have increased and the first time buyers could a lot worse than thinking about taking out a flexible mortgage. Flexible Mortgages are designed to give you better control over your finances, but you need to be cautious as there are different types of flexibility.

Most flexible mortgages should allow you to overpay on your monthly payments, borrow back money from the overpayments, underpay your mortgage payments and also take payment holidays. The most advisable thing to do with a flexible mortgage is to make overpayments against it; this will help to pay the debt off quicker. You must also ensure but any money overpaid is still available for you to use if you need it.

A genuine flexible mortgage will allow you to make underpayments. This facility may be useful when you have periods throughout your mortgage when you have additional expenditure. Most lenders will insist that you have previously made overpayments against your mortgage before they will allow you to make any underpayments.