In their truest sense, they have the following elements:
- daily interest rate charging
- ability to overpay without
penalty thus saving interest
- ability to suspend payments
- draw down more money up
to a preagreed limit.
Some lenders combine those with a bank account where
positive balances are offset against the interest charged
on the mortgage or other loans.
However, particularly daily interest charging is found
in other mortgage types.
Flexible / Offset mortgages generally attract higher
interest rates and it takes a very careful analysis
to see whether the benefits of offsetting overcome the
additional mortgage interest the borrower would pay.
In many cases, this additional mortage interest far
exceeds the benefit and indeed the need for flexibility.
For more information on Offset Mortgages in a new expanded
section click here.
YOUR
HOME MAY BE REPOSSESSED IF YOU DO NOT
KEEP UP REPAYMENTS ON YOUR MORTGAGE.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST
YOUR HOME
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