| In today's market, there are many features you can | | | | but you should also remember that unused |
| expect from your mortgage. Often these can make | | | | concessions from previous years cannot be carried |
| the facility a more flexible option that allows greater | | | | over - while some concessions will not apply if you |
| control - and one option you might want to be on | | | | repay in full. Of course, charges may be applicable |
| the lookout for when shopping for a mortgage is the | | | | where early repayment fees form part of the terms |
| ability to overpay. | | | | of the mortgage. |
| Although there are some providers who won't allow | | | | Other providers will offer facilities that make their |
| you repay more than your agreed monthly amount | | | | mortgage deals even more flexible. This might include |
| without incurring a charge, others are happy for you | | | | the ability to take a payment holiday. With this, the |
| to do so - up to a certain amount. As there are | | | | can take a short break on monthly repayments for |
| multiple benefits to making overpayments on a | | | | anything between one and six months. However, |
| mortgage, you might want to put this high on your | | | | they would need to have had the mortgage in place |
| list of priorities when comparing what is on the | | | | for at least three months before your provider will |
| market. You might find you want to reduce the term | | | | consider this - and you will need to have made sure |
| of your mortgage later on - a more viable prospect | | | | all previous payments have been on time. Where |
| when interest rates are low - as this can help | | | | there is a second charge on the property or loan to |
| contribute towards a more financially stable | | | | valuation figures exceed the provider's criteria, it |
| retirement. Some people even set specific targets to | | | | might be that you are not eligible for this feature and |
| work towards this end and being able to overpay | | | | you should also note interest charges will remain |
| can help you achieve theses. For example, research | | | | relevant during this time. |
| conducted recently by showed 62 per cent of UK | | | | Changing your repayment term might also be an |
| mortgage holders were aiming to have paid their | | | | option you want to consider if you want to spread it |
| mortgage completely by the age of 50. | | | | out over a longer period of time. This will mean |
| In many cases, you'll find your provider lets you | | | | paying more interest over the long term, but having |
| make higher mortgage payments at any time. You | | | | that level of flexibility might give you the peace of |
| should be able to pay up to 10 per cent of the | | | | mind you need. |
| remaining term as part of a 12-month rolling period, | | | | |