Flexible mortgages
Flexible mortgages generally allow you to make monthly overpayments, underpayments and lump sum payments.
Flexible mortgages can also offer payment holidays and sometimes allow you to borrow back money from the mortgage.
However, there isn't such a thing as the standard flexible mortgage. Shop around mortgage lenders and mortgage brokers to find a flexible mortgage deal with the elements that suit your needs.
Arrange your mortgage online through NationwideWhat are the benefits of flexible mortgages?
The biggest benefit of a flexible mortgage is that you can make overpayments and pay off your mortgage sooner, therefore paying less interest on your mortgage loan.
As some flexible mortgages allow you to borrow back money from the mortgage loan, it may work out a better option that a personal loan if you need access to money at some point.
Are there any drawbacks to flexible mortgages?
Flexible mortgages can come with higher interest rates so you should speak to a financial advisor to work out whether a flexible mortgage will work out best for you overall, depending on how much you wish to pay off.
Some standard mortgages offered by high street mortgage lenders can offer a certain degree of flexibility, possibly with a lower rate.