Flexible mortgages are particularly suited to anyone who can't be sure they'll always have enough cash when they need it, due to the nature of their work pattern. The flexible option also offers an efficient way to save, as interest on overpayments is calculated at the mortgage rate you are paying. Some lenders also offer all-in-one accounts that combine your current account with your mortgage.

You could save money with a flexible mortgage if, for example, you are in a position to overpay your monthly mortgage repayments from your income or if you anticipate getting a lump sum in the future, perhaps from dividends, an inheritance or other investments. A flexible mortgage can also give you more financial stability if your employment is based on short-term contracts or if you are self-employed and your income is irregular. This type of mortgage is suitable only if the borrower has a disciplined approach.

There are many different types of flexible mortgage - these can be categorised as follows:

Standard variable rate (SVR) mortgages Variable rates on flexible mortgages used to be prohibitively high, but many are now in line with non-flexible products and are even discounted.

Tracker mortgages Tracker mortgages generally track the Bank of England base rate.

Fixed-rate mortgages These have a fixed interest rate for a set period, after which the rate reverts to the SVR.

Capped-rate mortgages With this type of mortgage, you pay the SVR up to a predetermined limit. Above that, your borrowing rate does not rise for a set period.

Current account mortgages (CAMs) CAMs combine your home loan with your bank account. You pay interest at one rate, recalculated daily, on everything you borrow. All the money that comes into the account immediately reduces the total borrowing.

If you would like to discuss the mortgage options available to you or would like to consider ways of reducing your existing mortgage borrowings, please e-mail or contact us to arrange a meeting or use our online advice service.