Flexible Mortgage

What is a flexible mortgage?

A flexible mortgage can mean just about any kind of mortgage that has flexible features. This could therefore be a repayment mortgage, or an interest only mortgage. Either of these types of mortgage could have flexible features.

You could therefore get a flexible fixed rate mortgage, or a flexible variable rate mortgage. The flexible element of the mortgage refers to the added features, not the specific type of the mortgage.

Possible flexible mortgage features:

• Offsetting - this allows you to offset any savings that you also have against the value of your mortgage, and therefore pay less interest, or pay off your mortgage earlier. This is dealt with on a separate page on offset mortgages.
• Over or under payments - a flexible mortgage could allow you to take payment holidays, perhaps when you are experiencing financial stress, or overpay when you have extra money.
• Repay lump sums without penalty - often a flexible mortgage will allow you to repay capital amounts up to a specified limit without penalty.
• Access further funds - many flexible mortgages allow you to withdraw further funds up to a limit. This can be useful, particularly for the self employed, but should also be treated with caution since you must pay off the balance in the long run.

Overall, it is very important to think ahead to how your circumstances will change in the future, and how a flexible mortgage with some of these features could help you. Please contact us for further information on a flexible mortgage.

Your home is at risk if you do not keep up repayments on a mortgage or other loan secured on it.