Flexible Mortgages

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Flexible Mortgages are relatively new. Today’s flexible mortgage market is very healthy and is based on over 10 years of success.

Banks and Building Societies are developing new ways to let you manage your mortgage more effectively. The Flexible Mortgage has a number features that allow you to vary when and how you pay off your mortgage. For example you may be able to make ad hoc or regular overpayments in order to clear your mortgage earlier, deposit lump sums and even take the occasional payment holidays.

The Flexible Mortgage comes in three formats offset, current account mortgages and flexible features mortgage.

Here are some points to remember if you are selling a property:

Get valuations from 2 or 3 estate agents
Check the property description
Do minor repairs
Treat damp or rot
Unclutter rooms
Clean bathrooms and kitchen(these are rooms that make the most impression).
Let prospective buyers know what you intend to leave in the property and items you will be taking.

Lenders 'offering more 100% mortgages'

Higher house prices mean that lenders are increasingly offering mortgages with a larger loan-to-value, according to a new report.

Research found that over a quarter of lenders now offer 100 per cent mortgages with borrowers now having a choice of around 92 products on the market which allow the full asking price to be borrowed.

100 per cent mortgages are now "mainstream" and a wide range of lenders are willing to consider borrowers with no deposit.

Marketing and business development director at the firm Francis Ghiloni stated that the move was evidence of the mortgage industry demonstrating its flexibility and its willingness to adapt.

"To some extent they're just acknowledging reality," Mr Ghiloni commented.

"With average house prices pushing past the £200,000 mark it makes sense for lenders to be more flexible in order to meet customer demand."

While many borrowers will be capable of meeting monthly repayments, some may be struggling to raise the deposit required and ongoing affordability may not be the issue, he said.

The Building Societies Association reported record mortgage lending in February, with gross lending amounting to £4,214 million in February 2007, compared to £3,183 million in February 2006.

Mortgage Fees Down

Some lenders have withdrawn or at least cut exit fees but it appears that others have just called them by a different name.

A few lenders have increased their set up fees between £300 and £1000 to compensate for the exit fees.

Those borrowers who took out mortgages before the cuts will still be liable to pay the fees.

Claims can be made by anyone who believe they have a case for compensation.