Flexible Mortgages
Flexible Mortgages have moved away from the prescriptive traditional
UK mortgage model , a flexible deal adapts to fit your circumstances.
So you can overpay, borrow back overpayments, underpay and take
payment holidays.
You can walk away from a flexible deal with no penalty, and your
interest is calculated daily. So as soon as you make a payment
you start paying interest on a smaller loan amount.
Flexible mortgages come in many forms, but usually they allow
you to make extra lump sum or monthly payments, borrow back money,
take payment holidays and make underpayments. Some flexible mortgages
double up as current accounts - your salary is directly paid in
and you basically pay off an enormous overdraft.
They will charge you interest on your loan which is calculated
on a daily basis, which means you don't pay interest on repayments
you have already made.
There are a huge amount of flexible mortgages on the market.
Some have all of these features and some have fewer.
Unsurpisingly, flexible mortgages come with higher interest rates
than stardard home loans, but of course you can pay your mortgage
off years earlier than you originally planned, which is a huge
benefit.
If you wish to apply for a flexible mortgage you can apply today
with our parent site Loans UK or view our recommended
list of flexible mortgages.
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