If youre thinking of improving your home, investing in buy-to-let or holiday property or maybe consolidating your debts, youre probably thinking of re-mortgaging. If your current mortgage is now some years old, youre probably out of date on whats available. Forget the old one size fits all mortgages. Mortgages today are varied and theres probably one just waiting for you.
In view of the fact that there are around 4,000 different loans available, obviously we cant cover them all, but here are a couple of popular options:-
Flexible mortgages have no fixed term. Its up to you to choose what you spend your loan on, however the loan is secured by your property so it is essential that you keep up to date with your monthly repayments, otherwise you risk losing your home. These mortgages can be based on either a repayment mortgage, which is more traditional, or an interest only mortgage. You can even have a mixture of both types.
These mortgages are ideal for someone who plans a break from their career for family commitments, such as child birth, or travel, re-training or whatever. You can reduce or suspend payments for a period. You can also increase payments and...
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