Flexible remortgages
A flexible remortgage explained
The term flexible remortgage refers to a UK residential remortgage that offers
flexibility in the requirements to make monthly repayments. For example,
Typical flexible remortgage features include:
- to make overpayments (more than the normal amount)
- to redraw (borrow back) any previous overpayments
- to underpay - less than the normal amount
- to take a payment holiday - stop repayments for a period, typically 3 to 12
months.
These features allow a flexible remortgage to be adaptable to individual
circumstances. This is especially useful for self employed borrowers and those
with a variable income. By way of example, borrowers whose income includes a
significant but irregular commission component might make use of commission
payments to make overpayments, thereby reducing the term or enabling them to
underpay at other times.
With traditional remortgages, borrowers often face large penalties for additional
capital repayments or if payments were not made on time.
For a remortgage enquiry please contact
Details supplied here will be strictly confidential!
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