Compare Our Best Rates for Flexible Mortgages

Compare all mortgages that offer flexible repayment options like overpayments and payment holidays. Terms and conditions vary between mortgage deals, so check the options before applying.

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1641 results found, sorted by affiliated products by lowest initial rate. How we order our comparisons. Commission earned affects the table's sort order.
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Yorkshire Building Society 2 year fixed
Maximum LTV
75%
Initial rate
1.34% fixed until 30 Apr 2024
Subsequent rate (SVR)
4.49% variable
Overall cost for comparison
3.7% APRC
The initial rate will be followed by a rate of 3.75% until 30 Apr 2027 (0.74% discount on SVR).
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion fee£1,495 with an option to add to the loan
Product feeNo fee
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 2.50% of amount paid, before 30 Apr 2023

- then 1.50% of amount paid, until 30 Apr 2024

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Scotland
Available in Wales
First Time Buyers
Max age at term end80 years
Minimum Age18 years
Permanent UK Resident
Self Employed Accepted
Yorkshire Building Society 2 year fixed remortgage
Maximum LTV
80%
Initial rate
1.4% fixed until 30 Apr 2024
Subsequent rate (SVR)
4.49% variable
Overall cost for comparison
3.4% APRC
The initial rate will be followed by a rate of 3.75% until 30 Apr 2027 (0.74% discount on SVR).
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion fee£1,495 with an option to add to the loan
Product feeNo fee
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 2.50% of amount paid, before 30 Apr 2023

- then 1.50% of amount paid, until 30 Apr 2024

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Scotland
Available in Wales
Max age at term end80 years
Minimum Age18 years
Permanent UK Resident
Remortgage Available
Remortgage Only
Self Employed Accepted
Lloyds Bank 2 year fixed remortgage
Maximum LTV
60%
Initial rate
1.41% fixed until 31 May 2024
Subsequent rate (SVR)
3.74% variable
Overall cost for comparison
3.7% APRC
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product fee£1,499 with an option to add to the loan
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 2.00% of amount paid, before 31 May 2023

- then 1.00% of amount paid, until 31 May 2024

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Scotland
Available in Wales
Max age at term end80 years
Minimum Age18 years
Permanent UK Resident
Remortgage Available
Remortgage Only
Self Employed Accepted
Yorkshire Building Society 2 year fixed
Maximum LTV
85%
Initial rate
1.42% fixed until 30 Apr 2024
Subsequent rate (SVR)
4.49% variable
Overall cost for comparison
3.7% APRC
The initial rate will be followed by a rate of 3.75% until 30 Apr 2027 (0.74% discount on SVR).
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion fee£1,495 with an option to add to the loan
Product feeNo fee
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 2.50% of amount paid, before 30 Apr 2023

- then 1.50% of amount paid, until 30 Apr 2024

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Scotland
Available in Wales
First Time Buyers
Max age at term end80 years
Minimum Age18 years
Permanent UK Resident
Self Employed Accepted
Yorkshire Building Society 2 year fixed
Maximum LTV
85%
Initial rate
1.42% fixed until 30 Apr 2024
Subsequent rate (SVR)
4.49% variable
Overall cost for comparison
3.7% APRC
The initial rate will be followed by a rate of 3.75% until 30 Apr 2027 (0.74% discount on SVR).
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion fee£1,495 with an option to add to the loan
Product feeNo fee
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 2.50% of amount paid, before 30 Apr 2023

- then 1.50% of amount paid, until 30 Apr 2024

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Scotland
Available in Wales
First Time Buyers
Max age at term end80 years
Minimum Age18 years
Permanent UK Resident
Self Employed Accepted
Halifax 2 year fixed
Maximum LTV
60%
Initial rate
1.44% fixed until 31 May 2024
Subsequent rate (SVR)
3.74% variable
Overall cost for comparison
3.5% APRC
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product fee£1,495 with an option to add to the loan
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 2.00% of amount paid, before 31 May 2023

- then 1.00% of amount paid, until 31 May 2024

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Scotland
Available in Wales
First Time Buyers
Max age at term end80 years
Minimum Age18 years
Permanent UK Resident
Self Employed Accepted
Lloyds Bank 2 year fixed remortgage
Maximum LTV
75%
Initial rate
1.45% fixed until 31 May 2024
Subsequent rate (SVR)
3.74% variable
Overall cost for comparison
3.7% APRC
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product fee£1,499 with an option to add to the loan
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 2.00% of amount paid, before 31 May 2023

- then 1.00% of amount paid, until 31 May 2024

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Scotland
Available in Wales
Max age at term end80 years
Minimum Age18 years
Permanent UK Resident
Remortgage Available
Remortgage Only
Self Employed Accepted
Yorkshire Building Society 2 year fixed remortgage
Maximum LTV
85%
Initial rate
1.45% fixed until 30 Apr 2024
Subsequent rate (SVR)
4.49% variable
Overall cost for comparison
3.4% APRC
The initial rate will be followed by a rate of 3.75% until 30 Apr 2027 (0.74% discount on SVR).
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion fee£1,495 with an option to add to the loan
Product feeNo fee
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 2.50% of amount paid, before 30 Apr 2023

- then 1.50% of amount paid, until 30 Apr 2024

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Scotland
Available in Wales
Max age at term end80 years
Minimum Age18 years
Permanent UK Resident
Remortgage Available
Remortgage Only
Self Employed Accepted
Yorkshire Building Society 2 year fixed remortgage
Maximum LTV
85%
Initial rate
1.45% fixed until 30 Apr 2024
Subsequent rate (SVR)
4.49% variable
Overall cost for comparison
3.4% APRC
The initial rate will be followed by a rate of 3.75% until 30 Apr 2027 (0.74% discount on SVR).
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion fee£1,495 with an option to add to the loan
Product feeNo fee
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 2.50% of amount paid, before 30 Apr 2023

- then 1.50% of amount paid, until 30 Apr 2024

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Scotland
Available in Wales
Max age at term end80 years
Minimum Age18 years
Permanent UK Resident
Remortgage Available
Remortgage Only
Self Employed Accepted
Yorkshire Building Society 2 year fixed cashback mortgage
Maximum LTV
75%
Initial rate
1.49% fixed until 30 Apr 2024
Subsequent rate (SVR)
4.49% variable
Overall cost for comparison
3.7% APRC
The initial rate will be followed by a rate of 3.75% until 30 Apr 2027 (0.74% discount on SVR).
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion fee£495 with an option to add to the loan
Product feeNo fee
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 2.50% of amount paid, before 30 Apr 2023

- then 1.50% of amount paid, until 30 Apr 2024

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Scotland
Available in Wales
First Time Buyers
Max age at term end80 years
Minimum Age18 years
Permanent UK Resident
Self Employed Accepted
Yorkshire Building Society 2 year fixed cashback remortgage
Maximum LTV
75%
Initial rate
1.49% fixed until 30 Apr 2024
Subsequent rate (SVR)
4.49% variable
Overall cost for comparison
3.5% APRC
The initial rate will be followed by a rate of 3.75% until 30 Apr 2027 (0.74% discount on SVR).
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion fee£495 with an option to add to the loan
Product feeNo fee
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 2.50% of amount paid, before 30 Apr 2023

- then 1.50% of amount paid, until 30 Apr 2024

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Scotland
Available in Wales
Max age at term end80 years
Minimum Age18 years
Permanent UK Resident
Remortgage Available
Remortgage Only
Self Employed Accepted
Yorkshire Building Society 2 year fixed cashback mortgage
Maximum LTV
80%
Initial rate
1.54% fixed until 30 Apr 2024
Subsequent rate (SVR)
4.49% variable
Overall cost for comparison
3.7% APRC
The initial rate will be followed by a rate of 3.75% until 30 Apr 2027 (0.74% discount on SVR).
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion fee£495 with an option to add to the loan
Product feeNo fee
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 2.50% of amount paid, before 30 Apr 2023

- then 1.50% of amount paid, until 30 Apr 2024

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Scotland
Available in Wales
First Time Buyers
Max age at term end80 years
Minimum Age18 years
Permanent UK Resident
Self Employed Accepted
Yorkshire Building Society 2 year fixed cashback remortgage
Maximum LTV
80%
Initial rate
1.54% fixed until 30 Apr 2024
Subsequent rate (SVR)
4.49% variable
Overall cost for comparison
3.5% APRC
The initial rate will be followed by a rate of 3.75% until 30 Apr 2027 (0.74% discount on SVR).
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion fee£495 with an option to add to the loan
Product feeNo fee
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 2.50% of amount paid, before 30 Apr 2023

- then 1.50% of amount paid, until 30 Apr 2024

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Scotland
Available in Wales
Max age at term end80 years
Minimum Age18 years
Permanent UK Resident
Remortgage Available
Remortgage Only
Self Employed Accepted
Halifax 2 year fixed cashback mortgage for first time buyers
Maximum LTV
60%
Initial rate
1.56% fixed until 31 May 2024
Subsequent rate (SVR)
3.74% variable
Overall cost for comparison
3.7% APRC
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product fee£995 with an option to add to the loan
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 2.00% of amount paid, before 31 May 2023

- then 1.00% of amount paid, until 31 May 2024

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Scotland
Available in Wales
First Time Buyers Only
First Time Buyers
Max age at term end80 years
Minimum Age18 years
Permanent UK Resident
Self Employed Accepted
Halifax 2 year fixed for first time buyers
Maximum LTV
60%
Initial rate
1.56% fixed until 31 May 2024
Subsequent rate (SVR)
3.74% variable
Overall cost for comparison
3.7% APRC
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product fee£995 with an option to add to the loan
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 2.00% of amount paid, before 31 May 2023

- then 1.00% of amount paid, until 31 May 2024

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Scotland
Available in Wales
First Time Buyers Only
First Time Buyers
Max age at term end80 years
Minimum Age18 years
Permanent UK Resident
Self Employed Accepted
Yorkshire Building Society 2 year fixed cashback mortgage
Maximum LTV
85%
Initial rate
1.57% fixed until 30 Apr 2024
Subsequent rate (SVR)
4.49% variable
Overall cost for comparison
3.7% APRC
The initial rate will be followed by a rate of 3.75% until 30 Apr 2027 (0.74% discount on SVR).
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion fee£495 with an option to add to the loan
Product feeNo fee
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 2.50% of amount paid, before 30 Apr 2023

- then 1.50% of amount paid, until 30 Apr 2024

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Scotland
Available in Wales
First Time Buyers
Max age at term end80 years
Minimum Age18 years
Permanent UK Resident
Self Employed Accepted
Yorkshire Building Society 3 year fixed cashback mortgage
Maximum LTV
75%
Initial rate
1.57% fixed until 30 Apr 2025
Subsequent rate (SVR)
4.49% variable
Overall cost for comparison
3.6% APRC
The initial rate will be followed by a rate of 3.75% until 30 Apr 2027 (0.74% discount on SVR).
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion fee£495 with an option to add to the loan
Product feeNo fee
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 3.00% of amount paid, before 30 Apr 2023

- then 2.50% of amount paid, until 30 Apr 2024

- then 1.50% of amount paid, until 30 Apr 2025

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Scotland
Available in Wales
First Time Buyers
Max age at term end80 years
Minimum Age18 years
Permanent UK Resident
Self Employed Accepted
Yorkshire Building Society 3 year fixed cashback remortgage
Maximum LTV
75%
Initial rate
1.57% fixed until 30 Apr 2025
Subsequent rate (SVR)
4.49% variable
Overall cost for comparison
3.2% APRC
The initial rate will be followed by a rate of 3.75% until 30 Apr 2027 (0.74% discount on SVR).
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion fee£495 with an option to add to the loan
Product feeNo fee
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 3.00% of amount paid, before 30 Apr 2023

- then 2.50% of amount paid, until 30 Apr 2024

- then 1.50% of amount paid, until 30 Apr 2025

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Scotland
Available in Wales
Max age at term end80 years
Minimum Age18 years
Permanent UK Resident
Remortgage Available
Remortgage Only
Self Employed Accepted
Yorkshire Building Society 5 year fixed remortgage
Maximum LTV
75%
Initial rate
1.57% fixed until 30 Apr 2027
Subsequent rate (SVR)
4.49% variable
Overall cost for comparison
2.8% APRC
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion fee£1,495 with an option to add to the loan
Product feeNo fee
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 5.00% of amount paid, before 30 Apr 2023

- then 4.00% of amount paid, until 30 Apr 2024

- then 3.00% of amount paid, until 30 Apr 2025

- then 2.50% of amount paid, until 30 Apr 2026

- then 1.50% of amount paid, until 30 Apr 2027

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Scotland
Available in Wales
Max age at term end80 years
Minimum Age18 years
Permanent UK Resident
Remortgage Available
Remortgage Only
Self Employed Accepted
Lloyds Bank 2 year fixed remortgage
Maximum LTV
60%
Initial rate
1.59% fixed until 31 May 2024
Subsequent rate (SVR)
3.74% variable
Overall cost for comparison
3.6% APRC
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product fee£999 with an option to add to the loan
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 2.00% of amount paid, before 31 May 2023

- then 1.00% of amount paid, until 31 May 2024

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Scotland
Available in Wales
Max age at term end80 years
Minimum Age18 years
Permanent UK Resident
Remortgage Available
Remortgage Only
Self Employed Accepted
Lloyds Bank 5 year fixed remortgage
Maximum LTV
60%
Initial rate
1.59% fixed until 31 May 2027
Subsequent rate (SVR)
3.74% variable
Overall cost for comparison
3.2% APRC
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product fee£1,499 with an option to add to the loan
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 5.00% of amount paid, before 31 May 2023

- then 4.00% of amount paid, until 31 May 2024

- then 3.00% of amount paid, until 31 May 2025

- then 2.00% of amount paid, until 31 May 2026

- then 1.00% of amount paid, until 31 May 2027

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Scotland
Available in Wales
Max age at term end80 years
Minimum Age18 years
Permanent UK Resident
Remortgage Available
Remortgage Only
Self Employed Accepted
Halifax 2 year fixed cashback remortgage
Maximum LTV
60%
Initial rate
1.61% fixed until 31 May 2024
Subsequent rate (SVR)
3.74% variable
Overall cost for comparison
3.7% APRC
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product fee£1,495 with an option to add to the loan
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 2.00% of amount paid, before 31 May 2023

- then 1.00% of amount paid, until 31 May 2024

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Scotland
Available in Wales
Max age at term end80 years
Minimum Age18 years
Permanent UK Resident
Remortgage Available
Remortgage Only
Self Employed Accepted
Lloyds Bank 2 year fixed cashback remortgage for people with an existing current account
Maximum LTV
80%
Initial rate
1.61% fixed until 31 May 2024
Subsequent rate (SVR)
3.74% variable
Overall cost for comparison
3.6% APRC
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product fee£1,499 with an option to add to the loan
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 2.00% of amount paid, before 31 May 2023

- then 1.00% of amount paid, until 31 May 2024

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Scotland
Available in Wales
Existing Customer Typecurrent account
Existing Customer Only
Max age at term end80 years
Minimum Age18 years
Permanent UK Resident
Remortgage Available
Remortgage Only
Self Employed Accepted
Lloyds Bank 2 year fixed remortgage
Maximum LTV
80%
Initial rate
1.61% fixed until 31 May 2024
Subsequent rate (SVR)
3.74% variable
Overall cost for comparison
3.7% APRC
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product fee£1,499 with an option to add to the loan
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 2.00% of amount paid, before 31 May 2023

- then 1.00% of amount paid, until 31 May 2024

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Scotland
Available in Wales
Max age at term end80 years
Minimum Age18 years
Permanent UK Resident
Remortgage Available
Remortgage Only
Self Employed Accepted
Yorkshire Building Society 5 year fixed cashback mortgage
Maximum LTV
75%
Initial rate
1.61% fixed until 30 Apr 2027
Subsequent rate (SVR)
4.49% variable
Overall cost for comparison
3.3% APRC
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion fee£495 with an option to add to the loan
Product feeNo fee
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 5.00% of amount paid, before 30 Apr 2023

- then 4.00% of amount paid, until 30 Apr 2024

- then 3.00% of amount paid, until 30 Apr 2025

- then 2.50% of amount paid, until 30 Apr 2026

- then 1.50% of amount paid, until 30 Apr 2027

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Scotland
Available in Wales
First Time Buyers
Max age at term end80 years
Minimum Age18 years
Permanent UK Resident
Self Employed Accepted

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Overall representative example

Based on borrowing£170,000 over 25 yearsThe overall cost of comparison3.77% APRC representative
Initial rate2.20% fixed for 2 years (24 instalments of £727.42pm)Subsequent rate (SVR)4.02% variable for the remaining 23 years (276 instalments of £888.13pm)
Lender fee£549Total amount payable£263,130.32

What is a flexible mortgage?

A flexible mortgage is a type of mortgage with extra features, such as allowing you to pay different amounts each month, giving you more flexibility than a standard mortgage.

Different providers have their own definition of a flexible mortgage, so always check what’s being offered to determine if it’s right for you.

How do flexible mortgages work?

Flexible mortgages can offer the following features:

  • Overpayments – allowing you to pay more than the agreed monthly amount set by the lender. This can help you pay off your mortgage more quickly and reduce the amount of interest you pay overall. Check whether there are any limits on the amount you can overpay.

  • Underpayments – you may also be able to pay less than the agreed monthly amount for a set time. Your lender will usually only allow this if you have overpaid previously. 

  • Payment holidays – your lender may also allow you to take a break from making monthly payments for a set time, usually between one and six months. Remember that interest will continue to be charged while you’re taking a break, however, so your payments may increase afterwards.

  • Droplock – if you have a tracker mortgage, this will enable you to switch your mortgage to the security of a fixed rate without paying any early repayment charges or remortgaging to another lender. 

  • Borrow back – this allows you to withdraw the money you’ve previously overpaid to use for whatever you need. This means you can save on interest payments and use your flexible mortgage as a type of savings account.

What mortgages can I get with flexibility?

When comparing flexible mortgages, you may be able to choose from a:

  • Flexible repayment mortgage means you pay back a portion of the capital and some of the interest in each monthly repayment.

  • Flexible offset mortgage uses your savings to offset the interest you pay on your mortgage. For example, if you have a mortgage balance of £150,000 and £20,000 in savings, you will only be charged interest on £130,000.

  • Flexible fixed-rate mortgage means your mortgage rate and monthly repayments remain the same for a set time, usually two, three or five years.

  • Flexible tracker mortgage tracks movements in the Bank of England base rate, which means your rate, plus your monthly repayments, can go both up and down. However, if your tracker mortgage includes a droplock feature, you can switch to a fixed rate at any time. 

What are the benefits of a flexible mortgage?

The main benefit of a flexible mortgage is that you’ll have more freedom to overpay, underpay or even take a break from making mortgage payments altogether for a set time. This can be ideal if your income fluctuates, but it can also help you pay off your mortgage more quickly and save money.

What are the downsides of a flexible mortgage?

As a general rule, you will find that flexible mortgages have higher interest rates compared to standard mortgages. Different lenders will also have different restrictions and terms and conditions, which means you can get caught out if you’re not careful. For example, there will likely be limits about how much you can under and overpay. 

How to choose the best flexible mortgage for me

When comparing flexible mortgages, it’s important to consider which features would be most beneficial to you. For example, if you’re thinking about taking out a tracker mortgage, you might like the security of a droplock feature. Or, if your income tends to fluctuate, you might prefer a flexible mortgage that allows overpayments and underpayments.  

Once you’ve decided on the features you need, look at other important factors of the mortgage to ensure that it is suitable, including the mortgage rate, mortgage term, how much of a deposit is needed and the fees involved. 

For more information, read our complete guide to mortgages.

Finally, make sure you check the terms and conditions and beware of restrictions like:

  • Minimum monthly repayments: You cannot pay less than this amount a month.

  • Maximum repayment limits: You can only pay off up to a certain amount of your mortgage balance each year if you decide to overpay.

  • Interest charges: If you take a mortgage holiday, interest will still be charged. Your minimum repayment amount may increase after the break.

  • Mortgage holiday requests: Are not honoured unless you specifically request them.

Restrictions vary by provider, which is why it’s important to compare to find the mortgage that best suits your circumstances.

Flexible mortgages FAQs

About our mortgage comparison

Last updated: 11 October, 2021

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Leasehold vs freehold

Leasehold vs freehold: Which should you get?

If you’re looking to buy a property in England or Wales, you’ll notice that they’re either listed as leasehold or freehold. But what’s the difference? We’re here to explain the terms, and share what they might mean for you as a property owner.

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