What is a Flexible mortgage?
Flexible mortgages are designed to allow you to make extra payments whenever you want to and benefit immediately. Some also let you reduce your payments or take a payment holiday. Another variation is the “all in one mortgage” where you have your current accounts and savings with your mortgage lender. Your mortgage interest and monthly payments are then worked out based on your mortgage balance less the balances in your current and savings accounts. The higher your savings, the less you pay for your mortgage, although you don’t then receive interest on those savings. We always remind our customers that it’s important to think carefully before taking out a mortgage as your home may be repossessed if you do not keep up repayments on your mortgage.
