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Flexible Mortgages UK, USA, Canada

If you are fortunate enough to have the benefit of a good credit history, one of the many advantages is the entitlement to more flexible mortgages. More favourable interest rates and repayment terms are offered to the borrower in a flexible mortgage, particularly if they have a good credit rating. The better your credit history and credit rating, the more flexibility will be offered with your mortgage by the lender.

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If you are able to obtain a flexible mortgage, there are many possible advantages; you may be entitled to lower interest rates, or costs such as early redemption charges may not apply. However, the main advantage of a flexible mortgage is that interest rates are evaluated on a short term basis, meaning that any overpayment that is made will have an immediate effect in reducing the mortgage balance. Where a standard mortgage often features interest rates that are recalculated annually, the interest rate in a flexible mortgage is recalculated monthly or daily, hence the resulting benefit with overpayments. With a standard mortgage, you may not notice the benefit of making overpayments until as much as a year afterwards.

Flexible mortgages may also be linked to the borrower’s current bank account; the interest that is payable on the outstanding mortgage balance is dependent on the current financial account of the borrower e.g. if the borrower has a mortgage balance of £60,000, and a current account balance of £3000, he or she will only owe interest on a mortgage balance of £57,000.

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