Flexible Remortgage

With a flexible remortgage, you can vary your remortgage payments to suit your personal situation. This gives you the flexibility to make overpayments and underpayments, or even take a break from making any remortgage repayments at all. Some products also allow you to treat them rather like a bank account, meaning that the option exists to have your salary paid into your ‘account’ thus allowing you to draw down extra cash (a bit like an overdraft facility) if you require it.

However, you may have to make several remortgage payments before your lender will allow you to reduce or miss any payments. A flexible remortgage also requires a degree of self-discipline – if you miss or reduce certain payments, you will have to make these repayments on your remortgage at some point in the future.

The advantages of a flexible remortgage include:

Flexibility for those who have incomes that fluctuate throughout the year, and who would prefer to make overpayments when their income is high to allow them to reduce payments when their income drops
Interest is calculated monthly/daily, not annually in arrears, so overpayments have an immediate effect in reducing the interest you pay
The ability to overpay means that you have the opportunity to pay off your remortgage early – and potentially save thousands in interest repayments

Initial Rate	Type	Period To	Provider	The Overall Cost For Comparison APR	LTV
5.29%	Offset		First Direct	6.20%	80%	More
5.29%	Fixed	May 2010	First Direct	6.20%	80%	More
5.34%	Standard	May 2033	First Direct	5.50%	90%	More
5.35%	Discount	May 2011	Vernon	7.30%	80%	More
5.39%	Offset		First Direct	6.20%	80%	More
5.39%	Adverse	Apr 2010	Chelsea Building Society	7.30%	75%	More
5.39%	Fixed	May 2013	First Direct	6.20%	80%	More