Overpay with daily calculations
One of the most beneficial aspects of flexible discount mortgages is the ability to overpay. This may seem like something all mortgages encourage, but it isn’t – lenders do not want you to pay off your mortgage too quickly, it’s bad business for them. But lenders of flexible discount mortgages encourage it, offering an amount, which they will allow you to overpay without any sort of early redemption charge or penalty. But to make this facet of the mortgage work, you must make sure your flexible discount mortgages have a daily calculator on them. There is no point working hard to pay off your mortgage and not have that hard work immediately reflected in your repayments at the end of the month.
Of course as important as the overpay facility is, an option for underpaying is just as crucial for good flexible discount mortgages. Within reason the lenders will allow you to only pay some of your monthly bill from time to time – this isn’t an instant throwaway part of the mortgage, it must be discussed and pre-approved with the lender. It will also affect future rates on your flexible discount mortgages and it may even show up on your credit rating. But it is also an option that could be a lifesaver when times are tough and will allow you to carry on as a homeowner through any bad times.
Because flexible discount mortgages are so flexible, they even give you the option to take out lump sums from any equity you may have amassed, either through overpaying or diligent repayments. This, like the underpayment, can help you when times are tough, but it can also help with a growing family, school bills, medical bills or even investment into your home. Flexible discount mortgages are there whatever you need out of your home.
Because flexible discount mortgages have so many helpful facets and are so accommodating, they do carry with them the burden of a higher rate. To find the best flexible discount mortgages that balance the rate and the flexibility, talk to a mortgage broker Darwin. They will be able to help you sort through the UK mortgage market and find a deal that has all the extras you need, as well as a rate that you can afford.