Flexible Mortgages - Cheap Mortgage Deals

This is the exact opposite of a fixed rate mortgage. The 'flexible' relates to the interest rate. The interest rate is set by the Bank of England but each lender can alter their rates to be above or below the base rate. These mortgages are widely available from high street lenders as well as building societies.

If you opt for a flexible interest rate home loan you could see your monthly payments increase or, as has been the case in recent years, decrease when the Bank of England decides to lower its rate.

The alternative to this mortgage product is the fixed rate mortgage whereby the interest amount is set for the life of the mortgage.