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Flexible Mortgages & Remortgages


Flexible mortgages and remortgages are ideal for many people in the current UK labour market. A flexible mortgage could be a perfect solution, particularly if you are self-employed, or work on a short-term contract or temporary basis.

Up to around the mid 1990s, most mortgages and remortgages required borrowers to make regular fixed monthly repayments for 25 years. But working practices have changed and so has the mortgage market. This is good news for mortgage borrowers, because with a flexible mortgage or remortgage you could save a considerable amount of money.

Flexible mortgages and remortgages have a number of benefits. Firstly, they let you overpay or underpay on your mortgage each month.

Secondly, they may give the opportunity for complete payment holidays where you pay nothing for an agreed number of months.

Finally, if you have made overpayments to your mortgage account in the past, you can withdraw these credits as a lump sum, for example to buy a new car, pay for a holiday, or cover school fees.

Interest on flexible mortgages is normally calculated daily, which can lead to significant savings over the life of the loan.

The major attraction of a flexible mortgage is the overpayment facility mentioned above. If you manage to build up a credit facility through overpayments on your mortgage, this can then allow you to reduce your monthly payments in the future or even take a payment holiday for a number of months. This can be very useful during a period of high family expenditure or a temporary drop in income, for example if a mother or father gives up work for a period of time to look after children.

Mortgage overpayments can also greatly reduce the eventual mortgage term (so you end up paying off your mortgage sooner than the traditional 25 years) and the amount of interest you pay on it.

To find out if a flexible mortgage or remortgage could benefit you, please complete our online enquiry form and we will pass your details to a professional mortgage broker who will be able to assist you further.

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