Mortgage Features

There are many other features that can be applied to mortgages including Flexible mortgages, Offset mortgages and Cashback Mortgages.

Flexible Mortgages

Flexible Mortgages allow you to change the amount you pay on your monthly mortgage payments, the amount of times and duration of altered repayments differ depending on your mortgage company and terms and conditions.

Flexible mortgages can allow you to take a mortgage payment holiday which allows you to take a break from paying your mortgage entirely for a couple of months to enable you to pay for a holiday or similar.

As a word of caution, any payment holidays you take can be added to the end of the term meaning that the interest for that month will be added to the mortgage account effectively extending the end date of your mortgage by 1 month. When you commence paying your mortgage again your mortgage balance will be higher than when you started the holiday.

Key Points

• Allowed to Make Over payments and under payments each month without penalty ( inline with your terms and conditions)
• Take a Mortgage payment break
• Make a lump sum payment

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Offset Mortgages

Offset Mortgages are similar to Current account Mortgages.

 
They allow you to have a balance in a current account which has funds readily available for you to use, but rather than the bank paying you interest on these “savings” they offset it against your mortgage so that you are not paying interest on that part of the loan.

You tend to find that you need to have a reasonable % of your mortgage balance in savings to make this a cheaper option. however you may find that having the flexibility of having the money readily available out weighs this.

Cashback mortgages

As the name would imply cashback mortgages aremortgage accounts that give you cashback upon opening.

This is usually beneficial if you have to furnish your new home or if you need to refurbish some some within your new home.

Cashback mortgages tend to have less preferential rates than some other types of mortgage so effectively you will end up paying for the cash that you receive at the beginning, however if the cash injection at the beginning is important this may be the best option for you.