Remortgage Comparisons
Remortgaging rates & deals
Flexible mortgage
A flexible mortgage will allow you to do the following things:
- Overpay
- Underpay
- Borrow back any overpayments
- Take payment holidays
- Have interest rates calculated on a daily basis
- Have no redemption penalties
The best thing about a flexible mortgage is the ability to make overpayments. If you can afford to, you should pay off as much as you can every month, as this will shorten your mortgage term. As a result, you could save thousands of pounds worth of interest payments.
As interest is calculated every day, if you overpay then the amount of interest that you have to pay will be smaller as you have reduced your overall debt.
On top of this, if your circumstances change and you are suddenly worse off, if you have been making overpayments you will be able to make underpayments or even take a payment holiday until you get back on track.
Current account and offset mortgages
A current account mortgage enables you to manage all your finances from a single account. The interest that you receive on any savings is used to reduce the amount that you owe on your mortgage.
Offset mortgages work in a similar way, but all your financial products are kept separate while the interest rates are linked.
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