A new kind of mortgage, designed to give you more
control over your repayments. You have the option of paying more, for
example if you receive a lump sum and want to invest it in your mortgage.
Alternatively you can reduce your monthly payments for a period, or even
take a holiday from paying them if your circumstances suddenly change.
Pros:
Useful if you anticipate having an erratic income
Offers greater control over your finances
Interest rate may be lower than the SVR, or there
may be discounts for a limited period
Cons:
Check for hidden clauses in the mortgage that may
not be as flexible as they appear
