Why You Should Opt For Intelligent Finances Mortgages?
Posted on 22. Mar, 2009 by admin in General
One of the best offset mortgages in the market is offered by Intelligent Finance, a Scotland based internet only bank. Offset mortgages are a variety of flexible mortgages and offer not only flexibility but also happen to be cheaper than regular mortgages due to several reasons.
One reason is that offset mortgages only charge you interest on the amount of mortgage you owe minus the amount of money you have in your bank account. This means that instead of paying interest on the entire mortgage, you will only have to pay interest on that minus the amount in your bank, be it five thousand pounds, ten thousand pounds or fifty thousand pounds. However, this does not mean that you have to have a minimum bank balance or a maximum bank balance, the offset is available regardless of the amount of money in the bank. Furthermore, if the balance is changing over time, there is no problem. The interest will simply be calculated keeping that in mind.
Another great thing about flexible mortgages is that they allow you to make over payments or under payments depending on your financial capability, and even allow you to borrow back money you gave during an overpayment.