A NUMBER of lenders offer flexible mortgage products that allow you to make regular or lump-sum overpayments and take payment holidays.

These mortgages are standard variable rate ones as banks and building societies no longer offer tracker mortgages.

One of the most innovative on offer is the Permanent TSB Flexible Mortgage. With this you can make lump sum or regular overpayments, under pay, take a once-off payment holiday, skip months and change the date that you pay your mortgage each month.

However, be careful if you are considering switching your existing mortgage to this Permanent TSB one as the lender has passed on the recent European Central Bank rate cuts to existing customers, but the ECB cuts have not been all passed on to those taking out new mortgages.

KBC Homeloans (which used to be called IIB) has a Saver Mortgage where you can make overpayments. Your additional savings are used to lower the interest calculation due on your mortgage.

In a novel feature, customers can also withdraw any overpayments at a later date.

For example, if you over pay €250 a month for five years, you can withdraw €15,000.

Ulster Bank and First Active offer a range of flexible variable rate mortgages which customers can make overpayments on.

These products are priced on the basis of the customer's loan to value, with interest rates from 5.89pc to 6.19pc.

Bank of Ireland and its subsidiary, ICS, allows for overpayments but only if the overpayment amount is greater than the standard monthly repayment due.