Flexible Mortgage

With a traditional repayment mortgage you agree your monthly repayment at the outset and unless the interest rate changes you will continue to make your agreed payment until the mortgage is eventually paid off at the end of the mortgage term.

A flexible mortgage allows you to make overpayments in addition to your regular mortgage payment. This can either be a regular monthly overpayment or a lump sup overpayment.

As your mortgage has been calculated to be paid over a certain term using the contracted repayment, the effect of any overpayment is to reduce the term of your mortgage.

Reducing your mortgage term significantly could save you thousands of pounds in interest.

Some flexible mortgages will also allow you to take payment holidays, make underpayments and draw money back subject to the amount of overpayments that have already been made.

For more information and to request your free, no obligation consultation with one of our qualified, experienced mortgage advisers, please contact us using the quick enquiry form below.