Flexible mortgages differ from standard repayment mortgages in that it offers the ability for the borrower to overpay, underpay and take payment holidays on the regular repayments required by the mortgage agreement, subject to conditions. The majority of people eligible for standard repayment mortgages may also find a flexible mortgage useful. A flexible mortgage can help significantly for those with irregular, uncertain or tight finances. Flexible mortgages are also good for those with more stable finances who want to pay off their mortgage at a faster rate. The benefits of a flexible mortgage will depend on your financial situation.

A flexible mortgage will allow those with excess cash to repay their mortgage at a faster rate. Regular overpayments at the start of a mortgage’s life can significantly shorten the overall lending period and save a significant amount on interest payments over the lifetime of the mortgage. For those whose finances are tighter or worry about dips in their income due to unemployment or otherwise, a flexible mortgage allows underpayment or even payment holidays on the otherwise regular repayments, subject to the conditions of the lender. This can provide crucial leeway during difficult times, allowing you to manage your mortgage effectively without running into arrears.

Fees and charges in the mortgage agreement will differ from provider to provider, and it is always worth being sure of all small print and conditions before deciding on a final deal. Choosing the best flexible mortgage product is something only you can do. This is determined by criterion for flexible mortgages and conditions of repayment, which may include overpayment; underpayment and payment holiday options usually come in a variety of different forms. Payment holidays for example are in some cases earned and in others come as a standard option. It can also be worth looking for the various mortgages that include features from other products, such as offset or tracker mortgages.

Despite the potential for horrendously complex names such as a Capped Offset Flexible Base Rate Tracker mortgage, once the different terms are understood they can reveal a mortgage that can offer substantially more security and features than other competing products. The primary providers of flexible mortgages are banks, building societies and specialist mortgage companies. They can either be dealt with directly or through a network of brokers, agents and intermediaries who relay a variety of products from across the industry.

Independent Financial Advisers (IFAs), with specialists in the mortgage industry sometimes referred to as independent mortgage brokers, are legally required to be both impartial and unbiased. They can have no affiliations or tie-ins with mortgage providers, and you can also request payment on flat fee rather than commission basis. They can offer advice on any mortgage product available in the market unlike other sources who are usually limited to an affiliated group of products. One must wisely select securing other debts against their home, as your home can be repossessed if repayments are not kept up on your mortgage.