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Beware Flexible Mortgage trap - Times

Thousands of borrowers hoping to dip into their mortgages to pay for bigger family expenses, such as school fees, have been warned they could be denied access to their money after intelligent finance (IF) one of the biggest flexible mortgage lenders changed its terms.

With savings rates at a record low, many people have been overpaying their mortgages on the basis that they could withdraw their funds again when needed.