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Flexible Mortgages FAQ
What is a flexible mortgage?
A flexible mortgage is a regular mortgage which offers flexible repayment options. This could include the ability to make overpayments, to take a payment holiday or to move your mortgage to a different property.
Will I pay more for a flexible mortgage?
Flexibility usually comes at a price so you're likely to pay a higher rate for a flexible mortgage depending on what 'flexible' features it comes with.
What are the benefits of flexible mortgages?
Flexible mortgages give you more choice when it comes to your monthly payments. Depending on your mortgage features you will have the option to underpay, overpay, miss a payment or 'port' your mortgage to a new property when you move. Having this freedom can help you to make your mortgage work better for your lifestyle. It also means it is possible to pay off your mortgage sooner than planned.
What are the downsides of flexible mortgages?
Along with paying a higher rate for a flexible mortgage, you should also bear in mind that not all flexible mortgages benefit from all of the flexible features mentioned in this article. Indeed, the term is catch-all and is used to describe any mortgage that features any kind of flexibility. You'll also have to adhere to your lender's individual criteria before accessing the flexible features. For example, some lenders will want you to have been paying your mortgage off for a set amount of time before you can make an underpayment or overpayment.
What fees will I have to pay for a flexible mortgage?
As a flexible mortgage is simply a standard mortgage with additional features, the fees you'll face are the same as with any mortgage, including an arrangement fee, a booking fee, a valuation fee and legal fees - although not all fees apply to all mortgages.
What if I can't make my mortgage payments but I don't have a payment holiday facility?
If you don't have a flexible mortgage but you need to miss a payment or make an underpayment, it's essential you speak to your mortgage lender straight away to find out what help is available to you.
How can I compare flexible mortgages?
You can compare flexible mortgages using Know Your Money's free and easy to use comparison tables.