Northern Rock Flexible Mortgage

Northern Rock Flexible Mortgages - Regain Trust With Advice

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Northern RockThe good thing about Northern Rock flexible mortgages is that the flexible features allow you to make unlimited, penalty free overpayments, provided that the mortgage is not redeemed in full. This is a good option for those who earn bonuses or commission. Of course there are the lucky few who have windfalls, as well as those who come into an inheritance or some money through endowment policy proceeds. Essentially, if you have a lump sum, or are likely to be coming into large sums of money the Northern Rock flexible mortgages range might be for you.

And because the Northern Rock flexible mortgages are so flexible, if you make overpayments of at least £500 you could borrow back some, or all, of the amount overpaid. This means your money is not locked away, so you have options - and in this tough economic environment, financial options are something we all need. If you are to take any money out of any of the Northern Rock flexible mortgages you need to seek out mortgage advice beforehand as the bank says the interest rate charged on any amount that you borrow back will be at your full mortgage interest rate - so with a flexible mortgage you need to be aware of your mortgage's limitations or it could cost you dear.

Another useful facet of Northern Rock flexible mortgages is the opportunity to apply for a one-month payment holiday for every nine consecutive full monthly payments you make. The bank says the maximum payment holiday period is three months, which can be applied for once you have made 27 consecutive full monthly payments. So a holiday from paying for Northern Rock flexible mortgages might sound enticing, but it is only to be opted for as a last resort, and only after some more professional advice. This is because interest will continue to be charged during a payment holiday and taking a payment holiday will also increase the outstanding balance upon the loan. So it might end up being a costly option, and certainly one you shouldn't go into lightly.

So there are a lot of options for borrowers of Northern Rock flexible mortgages. And there is nothing to fear from investing your money into the nationalised bank, because if a professional mortgage adviser says you should opt for it, it's safe. An adviser is bound by law to make sure to tell you of any risks or problems that might come from borrowing from any bank - so if your adviser says the Northern Rock flexible mortgages are the best option for you, you know your money and your home is safe.

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Pro's

Approval can be done within minutes

Con's

Generally higher set up fees then other lenders

Features

Mortgage can be paid down to a £1 without penalty, after the early repayment period

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