Mortgages

Other Mortgages

Flexible Mortgage

As its name suggests, this is a type of mortgage that offers considerably more flexibility than traditional mortgages. Although specific details vary between Lenders, the core features of flexible mortgages are: daily or monthly interest and the ability to make overpayments at any point of the loan term without an early repayment charge.

In addition, many Flexible mortgages allow borrowers to: defer payment by taking payment holidays, drawback overpayments, drawdown further advances and underpay without penalty. Within the world of mortgages there is no strict definition of the word flexible so terms will differ from one lender to another.

If you would like more information please contact us.

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Offset Mortgage

This is a fully flexible mortgage which allows a borrower to link their mortgage account with a savings account and/or a current account. Monies in savings and current accounts are set against the mortgage balance and interest is only charged on the outstanding amount meaning interest payments are reduced.

Apart from providing flexibility this mortgage may also offer lower overall interest charges and subject to personal circumstances may also help to reduce the amount of income tax you pay.

If you would like more information please contact us.

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Current Account Mortgage

As with the offset mortgage this is a fully flexible mortgage combined with a current account. Money in the current account is automatically set against the mortgage balance and interest is only charged on the outstanding amount, meaning interest payments are reduced. Generally, this type of mortgage offers all the same features that you would expect from a typical current account including, direct debits, overdraft facilities, debit and credit cards.

If you would like more information please contact us.

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Cash back Mortgage

This is a mortgage where the Lender pays a sum of money, either as a percentage of the loan or a flat figure, to the borrower upon completion. With this type of mortgage the borrower will typically be tied to either a fixed interest rate or the Lender’s Standard Variable Rate (SVR) by early repayment charges necessitating repayment of the cash back if the loan is repaid within a set period.

Generally there are no restrictions for the use of the ‘cash-back’, which is commonly used to help with moving costs, top-up your deposit or pay off existing credit.

If you would like more information please contact us.

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