What are flexible and offset mortgages?Your home may be repossessed if you do not keep up repayments on your mortgage. They are portable and flexible allowing overpayments, underpayments, payment holidays. For example: if you have an interest- only mortgage of £100, 000 and have savings in your ‘offset account’ of say £25, 000, you pay interest on £75, 000. Some flexible mortgage deals allow you to take a complete break from making mortgage payments for up to a year. Some flexible mortgages allow you to take payment 'holidays' where you can choose not to make monthly payments for up to six months.

The vast majority of flexible mortgage borrowers make overpayments on their mortgages. What are the benefits of a flexible mortgage? Offsets are designed as long- term products, allowing borrowers to avoid the remortgaging merry- go- round of having to change their mortgage every few years. Your home may be repossessed if you do not keep up repayments on your mortgage. Call 0800 801079 for independent mortgage advice on.