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There are many types of mortgages that say they are 'flexible mortgages', some however just come with some flexible options.
Flexible mortgages come in different forms but the one thing they all have in common is features that allow you to pay off your mortgage with fluctuating monthly payments.
The best flexible mortgages allow you to benefit from the above advantages but often still have restrictions. For example you may still need to pay a minimum amount each month. You may still need to specifically 'request' a payment reduction or holiday.
The best thing you can do with a flexible mortgage is to overpay. This means that you will clear your mortgage early and potentially save thousands of pounds in interest.
You can sometimes borrow back if you have already overpaid and your circumstances have changed.
The best flexible mortgages also have no redemption penalties (ERC's) if you want to repay your mortgage early. These are very rare in recent years with the lowering of interest rates. Flexible mortgage lenders would prefer you to stay with them rather than changing frequently.
Flexible mortgage alternatives
Most high street mortgage lenders include some flexible mortgage options within their mortgages. Most will allow you to overpay up to 5 or 10% per annum without any penalties although some have minimum or maximum limits if you want to do this. Most mortgage lenders will also allow you to underpay on your mortgage or take payment holidays but this will normally only be allowed if you have already overpaid, IE built up a form of credit balance. These normal fixed rate mortgages, tracker rates, discounted rate mortgages may not be fully flexible but if you are only looking to overpay by £50 or £100 per month you may not need the fully flexible mortgage. You may also want to read our section on Offset Mortgages. Offset's can have a lot more advantages than wither normal flexible mortgages or the traditional loans.
It is worth mentioning that non-flexible mortgage lenders can reserve the right to withdraw their overpayment facility at anytime. If so this would be noted in the mortgage offer or the initial key facts illustration. To find out more about flexible mortgages, please contact us and we will be more than happy to help.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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*We do not normally charge a fee for mortgage advice, however this will be dependent on your circumstances. If a fee is charged our typical fee is £200.
As a mortgage broker, Impartial receives a fee from mortgage lenders, which is normally a small percentage of the loan we arrange. Where we arrange mortgages from £100,000 upwards we do not normally charge a fee. For mortgages under £100,000 we will charge minimum fee of £200, this fee is payable on application.