flexible mortgages

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Borrowers looking for a mortgage product that allows flexible mortgage payments are faced with a bewildering variety of deals, features and payment options. Nowadays most UK mortgage lenders offer some degree of flexibility in their mortgage range.

The main features that you will come across will include; the ability to overpay, both on your monthly direct debit and also in the form of lump sum overpayments, underpayment, where you are allowed to reduce your monthly payment for a limited period, and payment holidays, where you are allowed to take a complete break from payment, for even up to 6 months.

Another flexible feature that is less common, but nevertheless fairly widely available, is the ability to access the equity in your property with a cheque book, up to an agreed limit. This type of product is known as a current account mortgage.

Offset mortgages allow you to combine your savings with your mortgage, reducing the interest you pay.

The market for flexible mortgages is very competitive, which reflects the high demand for these products among UK consumers, and different lenders offer very different combinations of flexible options with different limits on how you can use them. For this reason it is in your interests to obtain advice from a specialist source.