Flexible Mortgage

This is a term that describes a number of mortgage schemes and is usually based on the fact that some of these lenders calculate the interest on the mortgage on a daily - rather than annual/monthly basis. This offers the lenders the opportunity to be more flexible with the managing of an account than would be the case otherwise.

That said, there are a number of lenders that are flexible in outlook. They range from the top of the scale to lenders who offer bank accounts, credit cards and full management of the finances via one account which includes the mortgage loan, or lenders that allow payment holidays, or an ability to overpay each month to either build up a fund to draw on at a later stage or to help redeem the mortgage early. At the lower end of the scale lenders will allow a partial redemption - say 10% each year - without penalty.

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