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About Us |
Mortgages
Flexible Options |
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With a flexible mortgage you can make extra payments whenever you can. Pay a little extra on top of your usual monthly payment whenever it suits you, and you could pay off your mortgage early and save yourself thousands of pounds in interest.
The examples below, based on a £130,000 repayment Flexible mortgage over 25 years, give you an idea of just how much you could save. The savings are based on the current interest rate of 5.00% variable, 5.2% APR and the additional monthly payments need to be paid each month.
Please note that Example 1 shows the savings you could make by paying an extra set amount every month. However, it doesn't show payment holidays, which would then affect the estimated saving over the life of the mortgage. Also, if you were to make extra payments each month without taking a payment holiday, it may be worthwhile considering reducing your mortgage term.
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| Example 1
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| Additional monthly payment | Mortgage paid early | Estimated total amount payable | Estimated saving over life of mortgage |
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No extra payment |
N/A |
£231,366 |
N/A |
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£30 |
1 year 9 months |
£223,618 |
£7,748 |
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£50 |
2 years 10 months |
£218,569 |
£12,797 |
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£100 |
5 years 1 month |
£208,445 |
£22,921 |
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£250 |
9 years 7 months |
£189,347 |
£42,019 |
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| Example 2
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| Additional monthly payment | Mortgage paid early | Estimated saving over life of mortgage | ||||
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No extra monthly payment but £5,000 lump sum paid off after 3 years |
1 year 7 months |
£14,737 |
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£1 per day (£30 approximately per month) |
1 year 9 months |
£7,748 |
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