Compare flexible rate mortgages
A flexible rate mortgage can help you both live with movement of Bank of England interest rate and give you some freedom to pay more, or even less each month when it suits you (with limitations of course). While flexible mortgage rates can be slightly higher than other mortgage interest rates, the advantages that could make a flexible mortgage worthwhile include potential payment holidays or the ability to pay more each month. This is also referred to as overpaying. While paying more each month might not initially sound like a good way to get lower bills, overpaying can reduce the overall period of your mortgage and potentially save you £1000’s of interest payments.
Just how flexible is a flexible rate mortgage?
Not everyone has an income that’s as fixed, consistent and predictable as would be ideal. The self-employed, contractors, consultants and many other workers are all subject to variable incomes because of anything from bonus payments to time out of contract, so a mortgage that can go some way to fit in with ups and downs of cash flow can make a big difference.
Variable rate or flexible rate mortgages aren’t just the preserve of those worried about potential income gaps. Maybe your salary is regular enough, but also attracts bonus payments, or you receive commission occasionally. With a flexible rate mortgage you could reduce the interest you’ll pay over the term of the mortgage considerably.
Is a flexible rate mortgage for me?
If you have a variable income and would like to have a mortgage that helps you cope with any small gaps in income, or would like to use lump sums of cash that come your way to reduce your mortgage and thus pay less interest overall, a flexible mortgage is something you should consider when you compare mortgages.
Will a flexible rate mortgage help lower my bills?
Should you have an income gap for any reason, or just wish to pay less for a month or two because of other commitments, such as a new family member arriving, a flexible mortgage could help you manage your family finances. Not only that, combined with the facility to reduce your overall debt by making lump sum payments, a flexible rate mortgage could help lower your bills in the short, medium and long term. Compare flexible rate mortgages now.
Experian® - the company behind LowerMyBills – also provides CreditExpert, which gives you access to your credit report and score enabling you to see what lenders see about you when they make a decision about which financial products or services are available to you.
The LowerMyBills.co.uk mortgage service is provided by BeatThatQuote.com Ltd, an appointed representative firm of Best Value Financial Services Ltd which is authorised and regulated by the Financial Services Authority.
YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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