Flexible mortgages
A flexible mortgage explained
The term flexible mortgage refers to a UK residential mortgage that offers
flexibility in the requirements to make monthly repayments. For example,
Typical flexible mortgage features include:
- to make overpayments (more than the normal amount)
- to redraw (borrow back) any previous overpayments
- to underpay - less than the normal amount
- to take a payment holiday - stop repayments for a period, typically 3 to 12
months.
These features allow a flexible mortgage to be adaptable to individual
circumstances. This is especially useful for self employed borrowers and those
with a variable income. By way of example, borrowers whose income includes a
significant but irregular commission component might make use of commission
payments to make overpayments, thereby reducing the term or enabling them to
underpay at other times.
With traditional mortgages, borrowers often face large penalties for additional
capital repayments or if payments were not made on time.
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