Some lenders let you move your mortgage to a new property when you move house. This would potentially save you paying an early repayment charge if you where locked into a fixed rate with a lender and wanted to move home. If you needed to borrow over your current mortgage you would borrow it on a new rate with the same lender, subject to the usual income and credit checks.
Most mortgages now offer you the option of increasing your monthly payments. When you do this, you'll be paying an additional amount off your mortgage each month. Making overpayments can help you to repay your mortgage before the end of the term.
Underpayments and Payments Holidays
Some mortgages allow you to reduce the amount you pay each month, or to stop making monthly payments, if you've previously overpaid. Lenders only normally allow you to make underpayments or take payment holidays for a limited period. This can be useful if your income falls for a period of time. In both cases you'll be paying less than the normal monthly payment so the amount of your mortgage will increase.
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We can also help your home purchase get underway by helping you to find the most suitable mortgage
Your home may be repossessed if you do not keep up repayments on your mortgage
Simmonds Mortgage Services is an appointed representative of Stonebridge Mortgage Solutions Ltd and can source the most appropriate cover from its panel of insurers with a free review of you overall protection and insurance needs. As with all insurance policies, conditions and exclusions will apply.