flexible mortgages
Looking for flexibility in the way you repay your mortgage?
Many of our mortgages give you just that.
Mortgage Overpayments
Maybe you’ve had a pay rise, a bonus or a windfall. If you’d like to pay a bit extra each month or you’d prefer to overpay with a lump sum, you can.
As any overpayments reduce the amount of money you’ve borrowed on your mortgage, this will result in an immediate saving in the amount of interest charged.
Mortgage Underpayments/borrow back
You can borrow back any overpayments whenever you like, either by underpaying or stopping altogether until the overpaid amount’s used up (subject to conditions).
If you’ve made overpayments of £500 or more, you’ll be able to ask us to borrow back some or all of the overpaid amount, provided the amount is for at least £500. This money will be sent direct to your bank account.
Mortgage Payment Holidays
When you’ve had a flexible mortgage for nine months, you can take a month’s payment holiday. And you can do it again, every year. If you don’t use the payment holiday facility in one year, you can accumulate up to a maximum of three and then use them altogether.
If you take a payment holiday interest will continue to be charged. This will have the effect of increasing the outstanding balance upon which future loan interest charges are calculated on.
Sometimes you may need longer, for maternity or a career break for example. In these circumstances you can apply for a payment holiday of up to six months.
To use any of the flexible mortgage features, simply call us.
All flexible features are subject to terms and conditions.
View our current mortgage rates to help choose a flexible mortgage.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.