This offers you the flexibility on a variable or fixed rate mortgage to change your monthly payments. This is an additional feature over the standard Variable Rate and Fixed Rate Mortgages options.
Plus Points: This gives you the flexibility to manage your mortgage payments to suit your cash flow needs as your circumstances change. These Flexible Mortgages allow you to repay capital early, take back some cash you have paid in and postpone payments. Some are run as substitutes for current and savings accounts, so all your money is working to minimise interest on the mortgage.
Points to Watch: Flexible Mortgages are sometimes not available to some customers. For example, those with an adverse payment history, those on DSS benefits, those wishing to acquire property which is not their main residence.
There are no standard repayment methods. Each provider will specify the extent of flexibility on its Flexible Mortgage and the interest rate may be variable or fixed.
Protecting you and your family's home in an financial crisis is a key factor to consider when setting up a mortgage.
