Flexible Mortgages
A flexible mortgage is designed to give you more control over your finances with varying degrees of flexibility - you should be able to overpay, borrow back overpayments, underpay and take payment holidays when you make a payment, plus as soon as you make a mortgage payment you start paying interest on a smaller loan amount.
What are the benefits of a flexible mortgage?
Flexible mortgages are specially designed to accommodate the changes taking place in our working environment and lifestyles. Some flexible mortgages allow you to take payment 'holidays' where you can choose not to make monthly payments for up to six months. This is particularly useful for couples starting a family, or people taking time out to study.
However you will have to agree payment holidays with your lender as taking time off could either increase your repayments later on or prolong your loan period.
With an fully flexible mortgage you can vary the payments to suit your circumstances. If you’ve got extra cash, use it to pay off more of your mortgage. Keep up the overpayments and you could pay off your mortgage years early and that could save you money.
Do you want a payment holiday? With a flexible mortgage you can use the overpayments you have built up to cut back or stop your payments for a while. You could even borrow back money.
At Key Solutions Mortgages Solutions we can find you a great mortgage with the ability to make flexible payments:
- Flexible discount mortgage - this enables you to vary your payments and enjoy discounts off the standard variable rate
- Flexible fixed mortgage - with this deal you can vary your payments and have a fixed rate at the same time. The rate is fixed for an agreed time
- Flexible base rate tracker mortgage - vary your payments and still benefit from a rate that tracks the Bank of England Base Rate
