Flexible Remortgage
Flexible Remortgage
With a flexible remortgage, you can vary your remortgage payments to suit your personal situation. This gives you the flexibility to make overpayments and underpayments, or even take a break from making any remortgage repayments at all. Some products also allow you to treat them rather like a bank account, meaning that the option exists to have your salary paid into your ‘account’ thus allowing you to draw down extra cash (a bit like an overdraft facility) if you require it.
However, you may have to make several remortgage payments before your lender will allow you to reduce or miss any payments. A flexible remortgage also requires a degree of self-discipline – if you miss or reduce certain payments, you will have to make these repayments on your remortgage at some point in the future.
The advantages of a flexible remortgage include:
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Flexibility for those who have incomes that fluctuate throughout the year, and who would prefer to make overpayments when their income is high to allow them to reduce payments when their income drops
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Interest is calculated monthly/daily, not annually in arrears, so overpayments have an immediate effect in reducing the interest you pay
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The ability to overpay means that you have the opportunity to pay off your remortgage early – and potentially save thousands in interest repayments
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5.29%
| Offset | | First Direct |
6.20%
| 80% |
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|
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5.29%
| Fixed | May 2010 | First Direct |
6.20%
| 80% |
More
|
|
5.34%
| Standard | May 2033 | First Direct |
5.50%
| 90% |
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|
5.35%
| Discount | May 2011 | Vernon |
7.30%
| 80% |
More
|
|
5.39%
| Offset | | First Direct |
6.20%
| 80% |
More
|
|
5.39%
| Adverse | Apr 2010 | Chelsea Building Society |
7.30%
| 75% |
More
|
|
5.39%
| Fixed | May 2013 | First Direct |
6.20%
| 80% |
More
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THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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