Standard Variable Mortgages

Guide to Variable Mortgages

This type of mortgage usually allows a certain amount of payment flexibility - i.e. you can change your mortgage repayments to suit changing monthly needs.

Borrowers can pay more than the required amount (either on top of your regular monthly mortgage repayment or as an additional lump sum), pay less than the required amount or take a payment holiday at any time without penalty.

Also, mortgage holders can also borrow back overpayments to use for other purposes - a definite bonus for those months of heavy spending such as Christmas time.

One of the biggest bonuses with most flexible mortgages is that, unlike other mortgage types, they accumulate interest daily meaning that you save on interest from the day you put money into your mortgage account. Please note however, that this is not the case with all flexible mortgages - be sure to check out the terms before you commit.

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