Remortgage Market

A Guide to Flexible Mortgages.

General information on flexible mortgages, which is in no way to be considered financial advice.

Flexible Mortgage

A flexible mortgage is ideal for people who would like the option of increasing and decreasing their monthly mortgage repayments, with the added ability of reducing their mortgage term or interest payable.

One can additionally make overpayments or take payment holidays - conditions will apply.

Flexible Mortgages

Most mortgage rates follow the Bank of England's base rate up-or-down. This means that the monthly mortgage repayments may increase as well as decrease.

It is quite common after a period of 6 months to arrange a reduction or miss up to 6 monthly payments in any period of 12 consecutive months, up to a maximum of 18 monthly payments, throughout the mortgage term.

Again different lenders may alter their flexible mortgage products and conditions will apply.

Alternatively one can increase their monthly mortgage payments and overpay a few extra pounds each month, enabling one to repay their flexible mortgage early and potentially save thousands of pounds in mortgage interest.

Flexible Mortgage Interest

Interest is calculated daily, and enables one to benefit immediately from any overpayment.

However, interest will continue to accrue throughout the underpayment or payment holiday period, in turn increasing the balance of a flexible mortgage and amount of mortgage interest charged.