Sometimes a fixed-rate mortgage just might not be suitable for you. There may be
periods where you are undergoing financial difficulties and are unable to pay the
mortgage; or alternatively there may be months where you can re-pay more than the
usual monthly amount. In a fixed-rate mortgage you normally would be penalised for these
repayment amendments; but with a flexible mortgage you have a greater deal of
flexibility. Flexible mortgages are ideal if you have varying income, or are
in a state of financial flux.
A flexible mortgage is a mortgage deal where you pay the same amount every
month (similar to a fixed-rate mortgage) but with the provision of having payment
'break' (periods where your payments are suspended) without incurring a financial
penalty. These are ideal for those people who have irregularly incomes; or if you
anticipate having heavy financial commitments in the near future.
Remember however that you might end up paying a little more with a flexible
mortgage compared to a fixed-rate mortgage; as a flexible mortgage is a more
'risky' product the providers may charge a higher APR.
Mortgage products available:
Fixed rate mortgages - With this type of mortgage the repayment rate stays constant per month
Flexible mortgages - This type of mortgage allows you take flexible 'breaks'
Buy-to-let Mortgages - This mortgage applies if you have just purchased a house with the intention of renting to tenants
Remortgages - Want to change your mortgage repayment plan or provider? Read our section on remortgages first!
Tracker mortgages - These mortgages follow the Bank of England base rate; you could possible save money by employing a tracker mortgage
First Time Buyer mortgages - These mortgages are appropriate if you are buying a house for the first time
Mortgage products are available in:
Regions:
Counties:
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