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Split Rate Mortgage
Split Rate Mortgage
This is an excellent product offered by most lenders and allows customers to have both a variable rate and fixed rate on their mortgage, splitting the mortgage to suit their needs. The advantage of this type of loan is that the fixed part of the loan will remain constant with only a portion of the mortgage being subject to a variable rate. It can also enable customers to make lump sum repayments off the the loan without penalty, giving the the benefit of repaying the loan quicker, saving interest on the overall mortgage.
Advantages
Mortgage can be split fixed and variable
Minimises exposure to rate increases
Allows a degree of flexibility
Disadvantages
X Early redemption penalty would apply on fixed portion
X Rate increase causes repayments on variable rate portion to increase
SPLIT RATE MORTGAGE - ONLINE APPLICATION
Warning: The cost of your monthly repayments may increase – if you do not keep up your repayments you may lose your home
Warning: You may have to pay charges if you pay off a fixed rate loan early.
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