Found your dream home but are at a loss as to what kind of is best suited to you and your family? Rather than passively allow the sweet words of the salesman tickle your ears and skew you towards a product that will prove ill-fitting and is guaranteed to pinch in the most uncomfortable of places, you need to actively pour over the small print and ensure you know exactly what you are signing yourself up to.
Millions have fallen on excruciatingly hard times because they were not honest with themselves and thus were not able to carry this honesty over to their current situation. To avoid this one must be honest, especially if you are amongst those prone to financial fluctuation, namely those that are self-employed and individuals that have a low basic wage but are blessed with regular large bonuses.
Those in the above categories may earn enough to afford the home of their choice but the uncertainty and potential irregularity has made many lenders weary which is evident in the increased interest rates offered as well as the higher lending charges that are slapped onto their applications. For those that have large bonuses or regularly put in overtime finding a repayment 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 that is much smaller than you believe you can afford. For those that fall into this category, a flexible could offer the best fit for you and your family.
Closely related to the ‘interest-only’ mortgage, the flexible stipulates your monthly payments cover the interest only, however they have the added benefit of allowing you to make
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ad-hoc payments as and when you can, which for those that receive bonuses will usually tie in with when they receive them. So if you receive a bi-annual bonus, you can pay off the interest each month and then every 6 months make a significantly larger payment which will heavily contribute to reducing the capital sum.
Such a has proven to be a blessed arrangement for those who are confident of their worth and their ability to make both the regular payments as well as the informal contributions that their bonuses and overtime allow them to make. In addition to the benefits of over-payments, a flexible can also allow you to make under-payments. So if you decide to travel one moth and thus aren’t around to work your usual amount of overtime or maybe it was a slow month and you didn’t make as much of a bonus as you expected you can take a payment holiday without having to pay an additional charge or being penalised in months to come via increased rates.
With so many lenders now offering extra features without charge for those taking out a flexible loan alongside their flexible this type of mortgage’s popularity has steadily increased. Possibly because despite the image the current credit crunch has painted of the average Joe spending beyond their capabilities, there are increasing numbers of people who are aware of their fallibility and thus would rather prepare for it from the outset as opposed to abusing their credit to pay for their shortcomings at a later stage.
So now that you have decided a flexible is the best option you are now in a great position to start comparing the benefits and potential breakdowns associated with the flexible deals being offered from the different lenders out there. Although many of lenders will offer flexible mortgages that have the above benefits, not all of them do, so when you start comparing the deals make sure you read the small print so you know exactly what included but most importantly excluded!
