Flexible Remortgage Deals

Comparing remortgage deals is not the most enjoyable way of spending your free time, but there is a simple reason why most of us do it – to save money in the long run. It goes without saying that the more you understand about the different mortgage products available, the more chance you have of finding the right remortgage deal for your circumstances. Unlike a lot of financial products, flexible remortgages generally do what they say on the tin – they provide flexibility over the mortgage term.

How does a Flexible Remortgage work?

In a turbulent economic climate, flexible remortgages are becoming increasingly popular. As its title suggests, a flexible mortgage gives the borrower more options than many other types of mortgage. A flexible remortgage is often attractive for those wishing to make overpayments in order to pay their mortgage off sooner, without paying a penalty. Likewise, with the days of a ‘job for life’ very much over, the ability to make underpayments or take a payment break (dependent on individual circumstances), may be very helpful for those facing an uncertain income.

The Advantages of a Flexible Remortgage typically include:
  • Flexibility to alter monthly payments may be useful for those with changeable income (e.g. self-employed)
  • Possibility of taking a payment break (depending on the product) – useful if your circumstances change
  • Flexible mortgages usually allow overpayments without penalty – useful for those wanting to pay off their mortgage sooner
The Disadvantages of a Flexible Remortgage typically include:
  • If borrowers choose to make a lot of underpayments, this can significantly lengthen the mortgage term
  • Typically, flexible mortgages can incur higher interest rates than some other mortgage products
  • The interest rates on flexible mortgages are often variable making repayments unpredictable

What to look for when choosing a Flexible Remortgage

There are many different flexible remortgage deals out there, and the right deal depends on individual circumstances. Whilst they offer inherent flexibility to vary your payments, which could be useful to those who are self-employed, it’s important to consider whether a flexible mortgage is right for your lifestyle. Remember, the interest might be higher than other mortgage types and if your income is not variable or you are less likely to pay off your mortgage early, other mortgage types could be more suitable.

Finding the right Flexible Remortgage Deals – our service explained

With so many different flexible remortgage deals available, if you’re contemplating remortgaging, it is important to get advice first. We compare flexible remortgage deals from a panel of lenders, to find the right remortgage deal for your circumstances – simply fill in our 30 second enquiry form. What’s more, our FCA authorised mortgage brokers can provide expert, unbiased advice to get you the right flexible remortgage quote for your needs.

Even if you have adverse credit history, CCJs or an IVA, we can help you find the right flexible remortgage deal.

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