UK Flexible Mortgage

The main feature of a UK Flexible Mortgage is the facility to make extra payments when you have extra money available. Extra payments can be lump sum or extra amounts per month. Often a UK Flexible Mortgage also offers the option of taking a payment holiday by building up a reserve of excess payments. These features can help in paying the mortgage off early or coping with unexpected expenses. A UK Flexible Mortgage is usually offered on a daily interest basis.

Benefits of a UK Flexible Mortgage

You can make excess payments to reduce the loan interest, pay off the loan early, or build up a reserve against which you can take a payment holiday during periods of unexpected expense.

A UK Flexible Mortgage usually provide a loan draw down facility that allows you to borrow extra funds at a set predetermined rate.

Risks of a UK Flexible Mortgage

The interest rate for a UK Flexible Mortgage is usually slightly less favourable than for other types of mortgage. This is the cost you pay for having the flexibility.

The ability to take a payment holiday requires a disciplined approach from the borrower in order not to get over-extended.

Interest rates tend to be variable so if the base interest rate rises, so will your interest payments.

For further advice and to talk to a mortgage adviser about arranging a UK Flexible Mortgage just click on the enquiry button below, fill in brief details, and an adviser will call you within the next 24 hours.