These mortgages can offer borrowers greater control of their finances by calculating interest daily and allowing the option of overpayments. Paying just a few pounds extra each month you can pay back the capital of your loan faster, considerably reducing the mortgage term and saving you thousands in interest payments. Once you have been paying the mortgage for a while, most flexible loans allow you to make underpayments.

Some lenders also offer a cheque book or reserve account facility allowing you to draw down on your overpayments or, if you have equity in the property, to borrow more.

While most flexible mortgages follow the lender’s Standard Variable Rate, a growing number of lenders are now offering special deals.

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