First Stop Mortgages and Loans

 

Mortgages - flexible rates



Apply for cheap flexible rate mortgage quotes now. It's fast and free, with no obligation or credit checks.

Many Lenders are now offering variable rate mortgages where the borrower can choose to overpay each month, underpay each month or even take a payment holiday for an agreed period.  In effect the borrower can use the equity in a property as a capital reserve. In some cases a lender will provide you with a cheque book that enables you to draw down the reserve funds.

These products require careful consideration and it is recommended that potential borrowers discuss this type of product at length with the borrower to make sure that borrower understands all the implications before entering into any agreement. It is worth bearing in mind that when the borrower reduces payments or takes a payment holiday, the amount not paid will probably be added to the outstanding loan and this may mean higher payments in the future. When a borrower chooses to overpay on their mortgage they will speed up the repayment by reducing the balance outstanding.


A flexible mortgage, also called a variable rate mortgage, is one in which the interest rate on the mortgage can vary over the length of the loan. This will mean that your monthly repayments may not be constant, they may increase or decrease based upon the loan interest rate. The loan interest rate is somewhat governed by the Bank of England interest rate, which does fluctuate. With a variable rate mortgage the lender will permit overpayments, or underpayments, or payment holidays, sometimes within a prescribed limit. The benefit is that you can reduce the overall interest payments, but the down side is that the rate of interest may be slightly higher.

If you are self employed, or work on commission, and your income tends to fluctuate, then a variable rate mortgage may suit your needs. Simply complete our quick application form and a broker can help you to find the option that will work best for you. Remember that our service is free and that you are under no obligation to proceed, unless you want to. Apply for cheap flexible rate mortgage quotes now. It's fast and free, with no obligation or credit checks


Also available in this section:

Variable Rates
Fixed Rates
Discount Rates
Capped
Cash Back
Base Rate Tracker

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