Flexible mortgages help homeowner debt

Nearly seven in ten (68 per cent) people find that flexible deals are an important tool to help ward off trouble with mortgages, new research shows.

Three people in ten (31 per cent) also told Lloyds TSB that flexibility has become more important within the last year, as homeowners seek to ward off financial problems.

The record low interest rate is a major reason for people embracing flexible mortgages. Two-fifths of those asked cited the current rate and fear of it rising in the future as being factors for their choice.

Lloyds TSB's Stephen Noakes has commented that "it's important for customers that their mortgage offers flexible features" to help with their finances.

Kevin Still, director of Atlantic Financial Management, says they believe it will be "some while before homeowners in the UK with some credit file impairment from the recession are able to get a full choice of re-mortgaging products - and the ability to either reduce monthly repayments or consolidate unsecured debts, which commonly occurred before July 2007."

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