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A repayment mortgage costs more, but guarantees ownership of your home at the end of the term. Monthly repayments go towards clearing the interest and paying back your initial borrowing.

Flexible rate mortgage schemes allow you to overpay and underpay without redemption penalties being charged. You can tailor your current financial situation to the mortgage payments that you make. When you have spare cash you can overpay and if necessary you can underpay, skip a mortgage payment or even borrow money against the capital repaid.

Not all flexible mortgages are the same. Some will restrict how much you can overpay during a set period, others will only allow minimum amounts and some will allow a maximum amount per month.

Restrictions can also apply to borrowing against the capital already repaid. In fact, some mortgages labeled as flexible do not allow you to borrow any money against your mortgage. If borrowing is permitted you should check how easy it is to access the cash you require.

In this way, if you choose to move house partway through the term, you will only have to pay off the remainder of what you owe. This may mean you can borrow less against your new property, or take a new mortgage out over a shorter term.

Some people choose to take out an interest-only mortgage to begin with, then switch to a repayment mortgage when they have more spare cash. If you are experiencing temporary financial problems or expect a wage increase in the future, this might be a good solution.

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