Although there are benefits to having a fixed interest rate and a specific monthly repayment, there may be times in your life when you’d like more flexibility from your mortgage. There are a number of options available to you when it comes to flexible property loans, and it’s a good idea to contact an experienced, qualified mortgage broker if this is something you’re considering.
A flexible mortgage allows you to make overpayments, underpayments and possibly take payment ‘holidays’ or breaks to suit your personal financial situation. This differs from many typical mortgages, which set a fixed repayment amount for the duration of the term.
There are a number of reasons an individual may want to take out a flexible mortgage. They can be a sensible option for people who are in a position to pay down their mortgage on an occasional basis, which helps to reduce the amount of interest they pay overall. In addition, people who don’t have a fixed, regular or consistent amount of income may benefit from having a mortgage that allows them to lower the amount they pay at certain times.
The interest rates on a flexible mortgage will vary depending on your personal circumstances. We recommend speaking to a reputable mortgage broker who can assess your income, ability to repay a flexible mortgage and present you with the options available to you. If you’d like to hear from a mortgage advisor at Private Wealth Mortgages, simply complete our contact form here and we’ll ensure someone gets in touch as soon as possible.
Click on the relevant link below to read further information:
Registered in England & Wales, no 5603163
Private Wealth Mortgages Ltd is authorised and regulated by the Financial Conduct Authority. FCA Number: 445980
Private Wealth Mortgages Ltd, Hillreed House, 54 Queen St, Horsham, West Sussex, RH13 5AD
Responsive website designed & developed by