Flexible mortgages allow you to make overpayments to pay off your mortgage quicker. Some also allow you to make underpayments, take payment holidays and/or draw on your equity to an agreed limit. These can all be helpful when money is tight.
With flexible mortgages, your borrowing position is calculated daily. This means that if you make an overpayment, you should see the benefit immediately. If you pay less or take a break from paying, then interest will continue to be added. Obviously, if you draw down your equity, this will increase the amount you owe and hence the amount of interest you pay.
For more information or to book an appointment, please contact us