What kind of mortgage is best for you? Here we will look at Flexible Mortgages:

Closely related to the ‘interest-only’ mortgage, the flexible mortgage means your monthly payments cover the interest only, however they have the added benefit of allowing you to make extra payments as and when you can.

For those that have large bonuses or regularly put in overtime finding a repayment mortgage that is comfortable fit may prove difficult, however hope is not lost.

Unfortunately you cannot accurately predict your bonuses or just how much overtime you’ll be able to fit in this month, it is for this reason that lenders don’t factor in such if’s and maybe’s when assessing your income capabilities. Consequently you are likely to be offered a mortgage that is much smaller than you believe you can afford. For those that fall into this category, a flexible mortgage could offer the best fit for you and your family.

This entry was posted on Thursday, July 30th, 2009 at 2:32 pm and is filed under Mortgage, Mortgage Rates, Mortgages. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.