Changes in the labour market mean that mortgages demanding regular fixed monthly repayments for 25 years are rapidly becoming outdated. If you are contemplating moving or even re-mortgaging, it's well worth considering a flexible mortgage that could save you considerable amounts of money.

A flexible approach
Flexible mortgages have various benefits. They allow you to overpay or underpay, and provide the opportunity for complete payment holidays. When you are in credit, they even permit lump sum withdrawals from the account. Interest is calculated and applied at least monthly, and in some cases daily.

Over and under
One of the main features of a flexible mortgage is the opportunity for borrowers to build up a credit facility through overpayments. This can then allow you to reduce your monthly payments or even take a payment holiday for a number of months - a welcome benefit during a period of high family expenditure.

Making overpayments can have a huge impact on the eventual mortgage term and the amount of interest you pay on it. Conversely, underpaying can help at times when cash flow isn't too fluid. Drawing down cash from your mortgage account is another useful benefit of a flexible mortgage.

Taking out a mortgage is usually the largest commitment most people will ever make, so it makes sense to take an informed decision. If you would like more information about how a flexible mortgage could benefit you, please e-mail or contact us for further information.