Flexible Mortgage

Flexible Mortgages

The Flexible Mortgage, as the name suggests, can take many forms and offers many features that allow you to manage your mortgage and payments more effectively. The following options are usually available:

OVERPAYMENTS - Allows you to pay more than your normal monthly payment whenever you choose. Any overpayment can immediately reduce your mortgage balance, and so lower your future monthly payments. Or you may want to continue with your monthly payments at the original higher level and in doing so, pay off your mortgage more quickly. 

UNDERPAYMENTS - Once you have built up a “credit” of overpayments, you can reduce or, in some circumstances even stop your mortgage payments at times to suit you. You can do this until the interest charged on the amount outstanding uses up the “credit” of overpayments previously made.

PAYMENT HOLIDAYS - Once you have made overpayments onto your mortgage many lenders will allow you to take a payment holiday, this may be beneficial if you are between jobs or for the self employed if they are going through a slow period at work.

BORROW BACK - Some Lenders may allow you to borrow back any amount you have already overpaid above your normal monthly mortgage payments.

NO EARLY REPAYMENT PENALTIES - Many Flexible Mortgages will have no early repayment penalties, allowing you to make overpayments or repay the whole mortgage without penalty.