Flexible Mortgages

What Is A Flexible Mortgage?

A flexible mortgage is a mortgage that allows you a good degree of flexibility with how you pay it. This means that you do not have to be tied down to the same mortgage payment all the time. Good flexible mortgages will allow you to overpay, underpay, take payment holidays and allow you to borrow back overpayments. In addition to these, the interest rate should be calculated daily and there should be no penalty for early mortgage repayment.

Many standard mortgages nowadays come with degrees of flexibility built in, usually the ability to overpay, but this may be fixed to an amount or a percentage each month.

What Benefits Do Flexible Mortgages Offer?

The biggest benefit of a flexible mortgage is the ability to overpay. Overpaying your mortgage by a reasonable amount on a monthly basis could shave thousands of the total mortgage figure. Flexible mortgages can be ideal for those with fluctuating incomes such as self-employed or commission paid jobs.

If you are in any doubt about your mortgage it is always best to consult with an independent financial advisor before committing to the mortgage.