Flexible Mortgage
What is a Flexible Mortgage?
A flexible mortgage is the same as a normal mortgage but offered with flexible features added to the mortgage deal, the additional feature can include:
Interest rate calculated daily
  • Make overpayments
  • Get payment breaks
  • Make underpayment
  • Borrow back
So basically, flexible mortgages may allow you to make overpayments, underpayments, or take payment breaks.
Flexible mortgage features will be different at each provider, when searching for a flexible mortgage make sure that they have the features that you require.
Overpayment means that you can make additional payments on top of your mortgage repayments, this can be done either with a lump sum or make additional regular payments on top of your normal mortgage payments every month.
You can stop making overpayments whenever you like, making overpayments mean that you shall be reducing your mortgage, save money on interest and the best part is that your mortgage terms shall end sooner than expected.
Get payment breaks

If you would like to take a break from your mortgage repayments, say if you have an expensive long holiday break planned. Some flexible mortgages allow you to take a break from paying your mortgage from anything from a month to six months, please note though, taking a break could also mean you could face higher repayments when the break is over, as the interest on the mortgage continues to accrue.

Make underpayments
Opposite of overpayments, you can make underpayments with some flexible mortgages – making lower payments on your mortgage that have been agreed upon but only for a set period until it reverts back to normal.
For this service to be active, you shall have to make overpayments first to cover the portion of the payment you are going to miss.
Borrow back
If you have made overpayments to your flexible mortgage agreement, say the funds shall be required at later date again for any reason like home improvements, then you may take back any overpayment that you have made.
Advantages of a Flexible Mortgage
  • Make overpayments to pay your mortgage off faster or borrow against the property again in the future.
  • Get mortgage repayment holidays.
  • With some flexible mortgages, you can switch mortgage deals without having to pay early repayment charges.
Disadvantages of Flexible Mortgage
  • If you were to take a payment break, the interest rate on the mortgage does not stop meaning that your monthly repayments will increase when you commence repayments.
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