Flexible Mortgages
The term Flexible Mortgage is used to describe a relatively modern type of mortgage product, that can be obtained from a number of different lenders (banks or building societies).
A flexible mortgage is normally characterised by all or a combination of the following features:
- Daily interest calculations.
- The ability to make unlimited or specified overpayments without penalty.
- The ability to underpay (pay less than full monthly payment) or take payment holidays (have a month off from paying your mortgage).
- The ability to draw down money (within pre-specified limits) - giving you instant (or rapid) access to the equity available in your property.
- The ability to offset savings or current account balance(s) against your mortgage, reducing the amount of capital that you pay interest on. This feature can be used to reduce your monthly payments or to shorten your mortgage term.
There are rarely any early repayment charges with flexible mortgages unless you opt to choose a flexible mortgage that has a fixed rate element to it that lasts for more than 6 months.
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