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Flexible Rate Remortgage Deals

With the high costs of homeownership and a struggling mortgage environment, mortgage lenders have developed many different loan structures and payment methods to make buying or refinancing a home possible for many people. One such method is a Flexible Rate Mortgage.

As the name suggests, a Flexible Rate Mortgage offers flexible payments with a payment structure designed to accommodate the borrower’s current financial status. Instead of a fixed monthly payment, a borrower may choose to make a payment greater or less than the agreed upon monthly payment. These actions will either reduce the outstanding balance of the mortgage or increase the next month’s payment, respectively. An additional benefit is that it is often possible to borrow back the overpayments with no penalties. Some Flexible Rate Mortgages also offer "payment holidays," where loan payments are suspended for a specific period of time.

This option is beneficial for certain current and prospective borrowers. Overpaying one month can lead to reduced interest charges while having the flexibility to underpay reduces late fees and penalties. In short, a Flexible Rate Mortgage will benefit those with a variable monthly income as they can adjust their payment schedule accordingly.

Just as with any large loan, a Flexible Rate Mortgage requires careful consideration on the part of the borrower. While it’s possible to make minimum payments each month, this can increase the time it would take to pay off the mortgage, causing a significant increase in interest charges over the life of the loan. Additionally, there is a risk that the lender will require the loan to be refinanced, which may place the borrower’s home in jeopardy if payments rise. Some Flexible Rate Mortgages also require a premium or fixed monthly cost, but for those that would benefit from flexible payments, these costs are often worth it.

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