The advantage of a flexible mortgage is that all money is controlled within one account and savings can be used to offset debt. With flexible mortgages interest is only paid on balance outstanding at end of each day, leading to less overall interest payments.

The flexible mortgage allows you to pay mortgage back quicker than your agreed monthly repayments stipulate. Traditional mortgages would charge you for repaying early, but with a flexible mortgage you can repay early, save on interest, and reduce total amount owing.

Truly flexible mortgages will allow you to underpay - however this will only usually be offered if you have overpaid enough to cover difference. In same way as you can with underpaying, if you are keeping up with repayments and have ideally overpaid, you will be able to payment holidays.

The flexible mortgage will not charge you for moving mortgage lenders as most traditional mortgages will. You are free to overpay, underpay and swap mortgage lenders without financial penalties.

There are no standard repayment methods. Each mortgage provider will specify extent of flexibility on its Flexible Mortgage and interest rate may be variable or fixed.

Before taking out a flexible mortgage, make sure you are aware of how you handle your finances. If you are inclined to raid your savings on a regular basis, a flexible loan is unlikely to suit you.

Most mortgage lenders offer an annual statement showing balance of account, number of overpayments you have made and how much interest you have saved.

Many flexible mortgage providers now offer tracker rates, so you can now enjoy elements of a flexible loan while following rise and fall of interest rate movements.

If you simply want to be able to make odd lump-sum repayment or to overpay on a regular basis, it may be a good idea to look at what else is on offer in mortgage market. As flexible mortgage becomes even more popular, many lenders are offering conventional mortgages with flexible elements.

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