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Flexible Mortgages

Flexible Mortgages

A flexible mortgage transforms the rigid structure of traditional British mortgages, offering adaptable payment schedules over the typical fixed terms like 25 years.

With a flexible mortgage, your owed balance is recalculated each day, allowing any additional payments you make to immediately reflect in a reduced loan total.

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Making Underpayments

Flexible mortgages can accommodate underpayments during financial crunches, although this may lead to increased interest costs over the loan's lifetime.

Repayment Holidays

Some flexible mortgages include the possibility of taking repayment holidays, where you can temporarily halt payments, provided you maintain a set reserve in your account.

Unpaid Interest

In the case of unpaid interest during underpayments or payment holidays, it's added to your mortgage balance; conversely, any overpayments will decrease it. Certain flexible mortgages also offer the feature to withdraw additional funds up to a predetermined limit.

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What About My Credit Score?

Taking a payment holiday as per the terms of your flexible mortgage should not affect your credit score. However, you should arrange this with your lender officially to ensure it’s recorded correctly.

Are There Downsides?

Despite the significant benefits to flexible mortgages, you should be aware of higher interest rates and the possibility of extending the loan term if you make frequent underpayments or take payment holidays.

Withdrawing Additional Funds

Some flexible mortgages allow you to borrow back funds from your overpayments or draw down additional funds up to a certain limit, which can be useful for unexpected expenses.

I’m Self-Employed

A flexible mortgage can be particularly suitable for self-employed individuals or those with variable incomes, as the ability to overpay or underpay can align well with fluctuating income patterns.

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