Flexible rate mortgages are growing in popularity.
With a flexible rate mortgage you can make extra payments
to your home loan at any time without incurring a penalty.
This means that you could pay off your loan far earlier
than you had originally planned with a traditional home
loan.
The current account products combine a home loan and
a current account. By paying in your salary the capital
is instantly reduced and so is the interest. While your
salary may only be in there for a day or two, it is
working to pay off your mortgage and helps to reduce
the length of the mortgage.
However, combined accounts can be confusing because
of the large sums you are dealing with so careful management
and budgeting is required.
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a conduit to financial websites. We do not give
advice or recommendations in respect of any product offered
by any of the companies listed. Any information listed does
not constitute financial advice or a recommendation under
the Financial Services Act 1986. You are advised to take appropriate
professional and legal advice before entering into any binding
contracts.
