Flexible Mortgages

Flexible, or lifestyle, mortgages were introduced to the UK in the mid 1990s from Australia. In fact they are still sometimes referred to as "Aussie" mortgages. They are now among the most popular products on the market.

The main benefit of a flexible mortgage is that you can increase, or decrease, your monthly payments as and when you wish without incurring any penalties. This is particularly attractive if you are in employment where you receive bonuses, or if you are self-employed and your monthly income fluctuates.

Interest is usually calculated on a daily or monthly, rather than yearly, basis, so any overpayment you make immediately reduces your mortgage balance. By regularly overpaying your mortgage it is therefore possible to repay it early, saving you thousands of pounds in interest.

In order to underpay your mortgage, or take a payment holiday, lenders will require you to have built up an equivalent level of credit through overpayment first. You should also be able to borrow back the amount you have overpaid at any time.

For more information please click on the consideration you are interested in:

• Flexible Mortgages - Flexible repayment plan mortgages
• Current Account Mortgages - Mortgages linked to current accounts
• Cashback Mortgages - Cashback mortgage deals
• Free valuation or refund of fees/Legal costs - Additional mortgage incentives
• Mortgage Protection - Insurance for mortgages

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