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Beware of flexible mortgages

07/02/2007

Those who have a flexible mortgage should make sure they are not making any under or overpayments, there has been some investigation done on this type of mortgage.

Moneyfacts has done some research on flexible mortgages and they have stated that consumers should be “making the most” of their current mortgage deal and should make large repayments whenever people have extra cash funds available.

The advantage of a flexible mortgage is that homeowners have an option to pay less than the target monthly repayment, Julia Harris spoke further, and she is the senior mortgage analyst.

Julia Harris said, “As we go through life our financial circumstances will undoubtedly change,” basically trying to put forward that consumers investigate terms of homeowners bad credit mortgages.
If a mortgage was “fully flexible” then making underpayments would be an option, repayment and overpayment holidays, Ms Julia Harris followed.

She has summed up and concluded that mortgages are being a “burden”, so if overpayments are made then large sums of funds can be saved through interest.

Analysts at MoneyExpert found out that not long ago many lenders need to pass on risen base rate to homeowner’s bad credit mortgages.


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