It seems that everyone knows about the daily growing number of credit cards, about credit card reputation, the reputation restoration services among which creditsaint stands out, etc. Is the same situation with mortgages?
There is also the huge diversity of mortgages including the repayment mortgage, endowment mortgage, interest-only mortgage, fixed-rate mortgage, and flexible mortgage.
A bank calculates interest at the end of every day, so each payment you make reduces the capital balance that day. This makes for a faster way to clear your mortgage – and saves you £’000’s in interest payments.
Lump sum overpayments
You can make a lump sum payment at any time, free of charge.
Regular or occasional overpayments You can pay a fixed or variable amount every month, and you can set the payments to run indefinitely or for a limited time. Inform the bank what you want to do.
Underpayments Just let the bank know how much you would like to underpay and as long as you are within the borrowing limits agreed, the bank should arrange this without any problem.
You can take an unlimited number of paid holidays. Let your chosen bank know and as long these are within the credit limit agreed.
Lump sum drawdowns Again, you can draw down any number of lump sums to pay for holidays, weddings, a new conservatory, or whatever else may come along. As long as you stay within the agreed credit limit, you have control of your finances.
A minimum monthly payment
This must be paid every month – even when you take a payment holiday (the same amount should be sent back to you). This makes sure your credit history stays intact and there is no initial waiting period for any of the features. You can take any of them from day one.
Recommended monthly payment
By keeping up this payment, you ensure your mortgage will be paid off at the end of the term. The bank consultants should let you know what the amount is each month.
The bank representatives must guarantee that your variable mortgage rate will never be more than 2% higher than the Bank of England Base Rate.
Remember, drawing down money from your flexible mortgage is usually far cheaper than taking out a personal loan. This is because you are simply paying mortgage rates. Add to that the convenience of a ‘no questions asked’ drawdown facility, and it’s easy to see why a flexible mortgage will put you in control of your finances.
Many banks also run annual and 5-yearly reviews of your mortgage to help you assess how much you need to pay to clear your mortgage early – or to keep it on track. These provide reassurance that you are always in control of your mortgage, and can enjoy the flexibility it provides without worry.
Mortgage Loans are secured on property and are subject to status and valuation. Terms and Conditions apply and a deposit will be required. Loans are available to residents in England, Scotland and Wales only aged 18 years or over.
The minimum advance is £25, 001 and the maximum £500, 000. You will be required to have buildings insurance on the property. Many available banks can help arrange this for you. Guarantees may be required. YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER LOAN SECURED ON IT. Written quotations are available on request. All loans are subject to status.