These are designed to be adaptable and give you greater control over your finances. Over-payments can be made without any penalties so you can pay off your mortgage early if you can afford it.
These over-payments may be borrowed back at a later date and payment holidays may be taken. Many flexible mortgages now offer an ‘offset’ facility where any savings are deducted from the loan amount before calculating the interest payment due. Many may also be linked to a current account.
Pros: Flexible mortgages calculate interest on a daily basis so any extra payments you make immediately cut the interest you are charged. All balances in any linked offset accounts (savings or current) will automatically reduce the amount of interest you pay on your mortgage.
Cons: Interest rates on these mortgages tend not to be the most competitive on the market. You may be paying for flexible features which you may not ever need to use. Offsets are usually most suited to people with savings in cash or with income consisting of irregular large lump sums.
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