Flexible mortgages are designed to allow you to alter your repayments to suit your situation. Flexible mortgages have been developed to cope with the sometimes drastic changes that can occur in a borrower's financial circumstances (for example, through job loss).

Advantages of Flexible Mortgages

• Flexibility - Reducing/stopping payments during times of financial hardship.
• Pay off mortgage early - lump sum payments can be made at any time reducing interest and term of loan.
• Capital - Cheque books to allow withdrawal of a pre-determined further advance.
• Interest charged daily - if you can pay more than the set repayment, on a regular basis, you could reduce the term of your mortgage and save money.
• Drawdown facility - with some flexible mortgages, you have a 'Reserve Facility' which can be used if you need funds (e.g. home improvements, buy another property).
• No Early Repayment Charges - many flexible mortgage shave no or little penalty charges if you were to redeem the mortgage before the end of the term.

Disadvantages of Flexible Mortgages

• Rates - The rates on such products can be expensive especially if you do not make the most of the facilities.

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