YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Flexible mortgages recalculate the outstanding capital and interest (the amount you owe) on a daily basis. This allows you to make overpayments when you have money to spare, and see an immediate reduction in your loan.
Some also allow you to make underpayments when finances are tight, which will increase the interest you have to pay in the long term.
They may even allow you to take repayment holidays – a complete break from making payments as long as a reserve amount of money is in your account.
Any unpaid interest will be added to the outstanding mortgage; any overpayment will reduce it. Some flexible mortgages have the facility to draw down additional funds, to a pre-agreed limit.
For Equity Release Products we charge a fee of £750 payable (non-refundable) at the outset and typically a fee of up to 1% of the amount borrowed on completion of the mortgage. For example, on a loan of £100,000 a fee of up to £1,750 potentially would be payable. We will also be paid commission from the lender and any such commission will be disclosed to you in writing.
Alternatively you can pay us a fee only option. With this option any commission received from the lender will be rebated to you and you will have to pay a fee of up to 2% (minimum £2,000) on completion of the mortgage, less the £750 fee that will have been paid at outset