Flexible mortgages recalculate the outstanding capital and interest (the amount you owe) on a daily basis. This allows you to make overpayments when you have money to spare and see an immediate reduction in your loan.
In the modern world mortgages can come with lots of added extras to suit your lifestyle. You might want the freedom to make overpayments, especially if your work sees you collect regular bonuses. Perhaps you would like the option of a payment holiday should things get a little tight? Or maybe you want a 10-Year fixed rate but with the option to switch after five years without any penalty?
These features and many more are now commonplace and we can look at the whole mortgage market to find the product that best suits you.
Chances are you will have a mortgage for many, many years so it is wise to ensure it suits your needs.
This article (Flexible Mortgages) is intended to provide a general appreciation of the topic and it is not advice.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE