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Fidor Bank

CaptainGermain


Imagine if we could pay our mortgage in monthly instalments which could vary over time - not based on a fixed interest rate, but rather on a variable rate based on one's income.

We could for instance request every three, six or nine months to change the monthly amount due (with a variation range i.e.+/-20%). Thus, mortgage borrowers who have seasonal jobs for instance (and therefore irregular income) would be able to adjust their repayments according to their current income..

Similarly, employees who may enjoy a raise in salary could request to increase their monthly payments and vice-versa..

CaptainGermain


Imagine if we could pay our mortgage in monthly instalments which could vary over time - not based on a fixed interest rate, but rather on a variable rate based on one's income.

We could for instance request every three, six or nine months to change the monthly amount due (with a variation range i.e.+/-20%). Thus, mortgage borrowers who have seasonal jobs for instance (and therefore irregular income) would be able to adjust their repayments according to their current income..

Similarly, employees who may enjoy a raise in salary could request to increase their monthly payments and vice-versa..

You mean just like First Direct introduced 17 years ago. The 'Offset Mortgage' !

Good try though ;-)

11 days from sal2015

Just saw that! But with 'offset mortgage' it does not seems that you have few periods (i.e. every 3 months) where you can actually decide whether you want your savings/income to actually offset your monthly payments nor choosing the range you want to offset .. correct?

11 days from CaptainGermain

I'm not an expert on mortgages (or much else) to be honest.

Are Fidor thinking of providing mortgages? If so I hope its a direct agreement and not through a '3rd party'.

Anyway this may assist our readers:

https://mortgages.firstdirect.com/mortgage-and-rate-types/offset

11 days from sal2015
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