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Flexible or Australian style mortgage
Comments
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broker might be right that you suit this.. although your 2nd hand interpration gives me some concerns- with some myths / hype ( now whether thats the broker or your post or lost somewhere in between).. there have been some "firms" that seem to focus on this market particularly
So to be sure look at a few points
1. Is broker suggesting they arrange a separate "savings account" or arrange 4 weekly payments ?
2. Are they charging a fee - if its say more than £300 and thy are taking commission as well OR say 0.5% ( will commission then refunded to you) you may want to step back
3. are they looking at all deals- or just those that pay brokers
4. Are you paying a loading to "normal rate" to get flex features ( most deals have some flex options anyway)Any posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.0 -
Who is the broker suggesting you take this mortgage with?
My understanding of the australian mortgages was they were the original flexible mortgages when interest over here was calculated yearly and overpayment was inflexible, limited to paying on the last day of the year.
Is not putting the capital part of your monthly payment in a different account sort of a mini endowment?Mama read so much about the dangers of drinking alcohol and eating chocolate that she immediately gave up reading.0
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