Flexible mortgages are only offered by a few number of mortgage lenders amongst high street banks and building societies. A flexible mortgage has not been standardised between mortgage lenders, but typically, borrowers can:
- Overpay or underpay on their monthly mortgage payment
- Take a payment holiday
- Repay lump sums
- Take further loans up to an agreed amount. This may be in the form of a drawdown facility.
- Avoid redemption penalties
This type of mortgage appeals to those whose income fluctuates or will except a large one off payment I.e. bonuses or an inheritance.
If you require advice on a flexible mortgage, please speak to one of our advisers based in Vale Of Glamorgan. We have access to the whole market and will search the right flexible mortgage for you.