The Best Flexible Mortgage Deals | Repay Your Mortgage Early

The Best Flexible Mortgage Deals: Repay Your Mortgage Early

Best flexible mortgage deals offer just that. While some flexible mortgages put limits of 5 or 10 per cent a year on the amount by which borrowers can overpay, some of the best flexible mortgage schemes allow unlimited overpayments, which means that people who are able to make regular overpayments or pay in occasional lump sums may be able to reduce their mortgage term by several years. Here are some of the best flexible mortgage packages that offer unlimited overpayments.

Best Flexible Mortgage Lenders

The first in our round up of the best flexible mortgage offers by lenders comes from Leeds Building Society, with a flexible mortgage pegged at 0.49 per cent above the lenders base rate. This rate lasts for two years and the APR is 7.7 per cent. There are some fees with this contender for the best flexible mortgage. There's a two percent of the loan arrangement fee, a £350 valuation fee and a money transfer fee of £35. This flexible mortgage allows unlimited overpayments and if you do pay it off early, you'll face no redemption fees. However a discharge fee of £199 is currently being added to this deal*.

Next in our round up of the best flexible mortgage deals is a lifetime tracker mortgage from Royal Bank of Scotland. The interest rate on this contender for the best flexible mortgage is 5.74 per cent for a twelve month discount period. Unlimited capital repayments are allowed*.

Ulster Bank has two contenders for the best flexible mortgage, with unlimited overpayments available. APRs for these products are 5.89% and 6.1 per cent, though these mortgages have an interesting feature. The offer no arrangement fee, free legals and valuation with these mortgages also overpayments are paid into an overpayment reserve, which mortgage holders can then borrow back. There are no early repayment charges**.

Woolwich is a good contender for the best flexible mortgage, with an interest rate which starts 5.97 per cent for the whole term. The arrangement fee for this deal is £400, with a valuation fee of £325 and a money transfer fee of £35. Unlimited overpayment is allowed and there are no early redemption charges*.

Abbey rounds out our list of the best flexible mortgage provider, with a range of offset mortgage deals, all of which have no limit on overpayments, and no early redemption charges apply in most cases. initial rates are between 5.99 and 6.24 per cent*.

There's a lot for home buyers to choose from when it comes to the best flexible mortgage for early repayment. Using savings to offset your mortgage loan will maximise the benefits of a flexible mortgage and may allow you to repay even earlier.

However, please note that The Offset Mortgage Centre cannot advise on or arrange mortgages from the Ulster Bank.

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© 2007 and 2008 Offset Mortgage Centre | Terms and Conditions | Privacy Statement | We don't charge a fee for admistration of an offset mortgage. The Offset Mortgage Centre is the trading name of The Mortgage Broker Ltd, (a whole of market mortgage broker), which is an appointed representative of Home of Choice Limited, which is authorised and regulated by the Financial Services Authority | Your home may be repossessed if you do not keep up repayments on your mortgage. *Source - Trigold 15/1/08 **Source - Ulster Bank website 15/01/08.