Flexible Mortgages

• Allows you to adjust your mortgage to suit your lifestyle

• Ability to overpay either on a monthly basis or by lump sum. This will either allow you to reduce your payments or reduce the term by continuing to pay at a higher level
  
• Ability to underpay, or take payment breaks, subject to conditions, if you find yourself in a period of financial difficulty

• Some flexible mortgages offer a draw down facility which means you can borrow a lump sum in the future which can be useful for things such as university fees. This is again subject to conditions and affordability

• Rates are generally variable which means your payments can go up and down in line with interest rate changes.

• Generally there is no Early repayment charges, however there may be arrangement fees.
• Some flexible mortgages allow you to offset your savings against your mortgage balance. This means that you only pay interest on the difference between your mortgage balance and your savings balance. As the interest payable on your mortgage will normally be higher than the interest you would receive on your savings you are effectively getting a better return on your savings. Also interest saved is not taxable whereas interest earned is taxable. Interest rates on this type of mortgage are generally higher so it is important to weigh up the potential savings against the higher rate to ensure it is cost effective.

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