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Residential Mortgages > Flexible Mortgages

Many people in the UK either do not have a monthly income that is fixed, or they receive regular bonuses for differing amounts each time. Such variability in the monthly income can make planning for mortgage repayments difficult, one month there may be plenty to cover the repayment, whilst the next might be a struggle to make. It is for people who are in circumstances like this that flexible mortgages are designed for, giving the freedom to the borrower to adjust the payments inline with their financial situation at the time.

If you are interested in a flexible mortgage, why not give our mortgage enquiry service a try? The short form takes a couple of minutes to complete, and will allow our mortgage experts to work on your behalf to find the best mortgage for your needs – the service is free and carries no obligation.

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A flexible mortgage, as the name suggests, offers the borrower a degree of flexibility in terms of the repayments in order to fit around their lifestyle. Unlike other forms of mortgage, the amount that has to be repaid each month is not fixed or defined in relation to the base rate, instead the borrower is given the freedom to decide within certain restrictions how much they pay.

The exact terms of the mortgage will vary from lender to lender, but in general there is a set repayment amount to act as the baseline for the loan, you will be free to make payments in excess of this without limitation or any penalty for clearing the mortgage early. As interest is usually calculated daily you will be immediately reducing the cost of your loan with each payment.

If you are in a situation where your monthly income isn’t stable or you get bonuses on a regular basis then you may find that a flexible mortgage fits your needs perfectly. With this type of mortgage an erratic income needn’t be a problem, as within certain restrictions you can lower the amount that you repay when your money coming in is less, and raise it when you have a good month.

Any extra money that you have, be it from a bonus or though a salary increase for example, can be used to pay off part of the mortgage instantly, without any penalty at all, and so you will reduce not only your mortgage but also the amount of interest that you are paying in total. In making these overpayments you will see the reduction in the cost straight away, as the interest on these types of mortgages is typically calculated daily.

In terms of payment holidays and underpayments there are restrictions, there will be limits to the number of successive underpayments you can make and you may be limited to a certain number in any given year. The restrictions on payment holidays will often only allow you this option if you have made sufficient overpayments in the past, although this is not always the case.

Flexible mortgages often have higher interest rates than standard mortgages, but you can pay your mortgage off early which is a huge attraction for many people, and the benefits of the flexibility can be invaluable to those who are not on a fixed income such as the self-employed.

If you are considering a flexible mortgage, we can help find you a great deal through our comprehensive service. Our mortgage enquiry form is simple to complete, and takes less than two minutes, allowing our experts to search the market for the mortgage products that match your needs and circumstances. Such a mortgage will allow you to take greater control over your finances and structure your repayments around your earnings, making it easier for you to manage in harder times, and allowing you to clear your mortgage quicker when things are going well.