Flexibile mortgages are designed to give borrowers control in managing their mortgages. The degree of flexibility varies from lender to lender but this type of scheme is usually characterised by daily computation of interest, the ability to make additional capital repayments at any time without penalty and the ability to take repayment holidays after a probationary period.

Flexible terms may apply to standard variable, fixed, discounted and capped rate mortgages.

The most flexible mortgages treat your mortgage account like a bank account, where you can deposit and withdraw money, unused equity, at your convenience. Some lenders may even provide you with a cheque book and credit card. See the section below on current account mortgages for details.

The main advantage of flexible mortgages is that they facilitate early repayment with potentially large interest savings. Because interest charges are calculated on a daily basis, accelerated and one-off capital repayments reduce interest charges immediately, unlike other mortgage arrangements where capital repayments are only acknowledged at the end of the calendar year.

The main disadvantages are that interest rates tend to be higher than on conventional alternatives, full flexibility only becomes available after a probationary period and that not all flexi-mortgages are equally flexible.

Whether you have a good or bad credit history, we'll advise on the best products for you.  

Simply complete our simple no obligation enquiry form and one of our expert mortgage advisers will get back to you with the best deals currently available in the UK.