What is a flexible remortgage?
There are many reasons you may wish to obtain a flexible remortgage on your home including making improvements to your house or paying off existing loans. It is different from many other types of remortgage and lenders may offer a variety of rates, terms and conditions.
* these remortgages will usually ask for a set amount to be paid on an annual basis rather than on a monthly basis. This can be useful if your income is not always the same every month;
* when making payments you may be able to choose whether to over or underpay each month. By making overpayments you should be able to pay off your mortgage sooner. However if you frequently underpay on a flexible remortgage it may take longer to pay the loan off;
* there are variety of remortgage rates available if you are arranging a remortgage;
* they may have higher interest rates than other remortgages, however the terms of the mortgage may be tailored to your needs;
* they may allow you to pay the loan off early without any extra fees occurring unlike standard remortgage packages;
* you may also be able to link this type of remortgage to your current and savings bank accounts and then offset any interest that may be accruing against your mortgage;
* some home loan packages will also give you the opportunity to take a payment break if you need it for certain circumstances. If you have a period of unemployment or illness then taking a payment break may help you if your income has temporarily reduced.
When you are obtaining a quote for a flexible remortgage, many lenders will be able to take your individual circumstances into account and create a mortgage package that may suit you better than a standard remortgage arrangement.
Add Us!
