Flexible Mortgages

What is a Flexible Mortgage?
There are various types of mortgage available which give the borrower increased flexibility compared to traditional types of mortgage.

The most important feature of flexible mortgages is that the borrower is allowed to vary their mortgage payments, e.g. by making overpayments when they have more available income. This can lead to earlier repayment when compared to a regular monthly amount, which can save thousands of pounds of interest. With a flexible mortgage payment holidays can also be taken when money is not so readily available.

What are the benefits of a Flexible Mortgage?
Some flexible mortgages operate as both a current account and a mortgage account. The advantage of a flexible mortgage is that all money is controlled within one account and savings can be used to offset the debt. With flexible mortgages interest is only paid on the balance outstanding at the end of each day, leading to less overall interest payments.