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Jargon Buster

E-mail: Mortgage Arrangers

Freestyle flexible mortgages and remortgages can save you thousands of pounds in interest payments, during the life of your mortgage. With the facility to overpay, link current accounts to "offset" interest, take payment breaks and borrow amounts based on abilty to pay, not on income multiples - it's no wonder they are fast becoming so popular.
Most of the u.k. lenders flexible mortgages calculate the interest due on a daily basis. This means that any overpayments reduce the interest due immediately, unlike annually applied changes.
With "decisions in principle" now available over the phone or internet, you can get a mortgage agreed in minutes.

GET A DECISION IN PRINCIPLE !

DECISION IN PRINCIPLE AVAILABLE IN MINUTES !
CLICK HERE
and send your details for a mortgage quote to be e-mailed back to your computer for printing off - it's free

IF YOU LIKE THE QUOTE, WE CAN ARRANGE IT FOR YOU

 Your home may be repossessed if you do not keep up repayments on your mortgage


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Standard Life launches reducing rate mortgage


Standard Life Bank is set to launch the first mortgage in the UK with an interest rate that decreases four times over the first five years. The Rate Reducer feature of the Freestyle Flexible Mortgage is expected to save borrowers 1000 a year on average for the first 10 years and more than 35,000 over the life of a typical 25-year mortgage.

This 35,000 saving is made in comparison with an average two-year discounted variable mortgage of 130,000 taken over 25 years with an initial rate of 4.83% and revert to standard variable rate of 6.71% including an average product application fee of 463.

Alan Dring, Standard Life Bank's head of intermediary development, said industry research showed that the average length of time people aged between 35 and 44 stayed with a lender before switching was 5.4 years. "We have launched a unique product which, in addition to potentially saving borrowers up to 30,000, allows advisers the opportunity to offer their clients for the first time a true financial planning tool.

"There are two products in our new Freestyle Flexible range with varying flexible features. With our Freestyle Flexible 180 Mortgage, customers will save 2,003 and with Freestyle Flexible 360 they will save 1,742 in the first five years against the average two year discounted variable mortgage.

"At 10 years, the savings are even greater- 10,518 with Freestyle Flexible 180 and 10,257 with Freestyle Flexible 360."
 

Source:
BestAdvice.net

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