Whether you are borrowing for the first time, moving home, or transferring your mortgage, you still want to be able to find a cheap mortgage. Flexible mortgages - introduced from Austrailia in 1995 are designed to provide you with financial freedom giving you the opportunity to save money on your mortgage because interest is charged daily, you have the opportunity for repayment holidays and the freedom to withdraw and deposit funds as and when you please.
Rates vary from lender to lender and with a choice of 100's of different flexible mortgage products it can be a headache sorting through them to find the best deal. By completing our short enquiry form one of our expert mortgage brokers can find you the most suitable product, whatever your circumstances as well as give you friendly, impartial help and advice.
If you are new to the property market then we have put together a useful collection of information for you below about flexible mortgages. However you may know exactly which type of mortgage you have in mind and would like to have one of our flexible mortgage experts offer you a Free, No Obligation, Quotation.
Fill out our online enquiry form and we will arrange for a no fee independant mortgage advisor to call you.
Information for Flexible Mortgages
What is a flexible mortgage?
Flexible mortgages allow you to underpay, overpay and borrow back overpayments made on your mortgage account. You can also take payment holidays subject to the terms of your mortgage provider. Some flexible mortgage products also allow you to use a current account in conjunction with your mortgage account. So you have your salary paid into the account monthly and so at periods during the month you are in effect reducing your large overdraft! So ideally as with any debt the quicker you pay it off the better so any money overpaid to your account is still available for you to use if you need it at a later date.
How is interest calculated for a flexible mortgage?
Interest is calculated on a daily basis, so as soon as you have made a payment you are reducing the interest payable on your loan. You have the ability to make further ad hoc payments and this means that by just paying a little extra every month could save you thousands of pounds in interest costs over the period of your mortgage or remortgage.
What rates apply to a flexible mortgage?
You can choose to have flexible fixed rates, flexible trackers or discounted rates or sometimes a combination of a variable and fixed rate. If you decide to take part of your mortgage at a fixed rate this will allow you the flexibility to make overpayments to the variable rate part of your loan during the fixed rate period without incuring any penalties.
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