Flexible Mortgages

The Flexible Mortgage allows you to vary how and when you pay off your loan. Flexible mortgages are specially designed to accommodate the changes taking place in our working environment and lifestyles. You can make overpayments as and whenever you can, these overpayments will help you to pay off your mortgage early. Occasional breaks from payments, payment holidays or paying a lump sum are all acceptable with a flexible mortgage. Usually an underpayment is only allowed after you have managed to make overpayments.

Flexible Mortgages can come with something called a regular underpayment facility where your payments can be reduced for a period of time. If you manage to pay back your mortgage early you will not be penalized but there are some lenders who will actually put a limit on how much you can repay each year.

What are the benefits of a flexible mortgage?

Flexible mortgages are helpful when your life is full of change. Some flexible mortgages allow you to take payment 'holidays' where you can choose not to make monthly payments for up to six months. This is particularly useful for couples starting a family, or people taking time out to study.

However you will have to agree payment holidays with your lender as taking time off could either increase your repayments later on or prolong your loan period.

At PeopleFinance.co.uk we can help you to find a Flexible Rate Mortgage as an independent financial processor will aim to get you the best deal to match your own personal credit circumstances.

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Related glossary terms to Flexible Mortgages:
Adverse Credit | Flexible Mortgage | Fixed Rate Mortgage | Loan to Value | Negative Equity | Non Status | Repayment Mortgages

Related Flexible Mortgage Products:
Flexible Remortgage | Flexible Plan Remortgage | Flexible Repayment Remortgage | Flexible Mortgages | Flexible Rate Mortgage