Flexible Mortgage

Are you on a variable income? Do you have months when it seems someone has tea leafed your salary before it has even had chance to enter your wallet? Maybe you have a printer press in the shed where money leaves the cold steel plate and miraculously appears in the warm, silk lining of your pocket? Well it sounds like a flexible mortgage is the right mortgage product to apply for and flexible-mortgage.gb.com will tell you why!

Flexible mortgages allow the borrower to take more control over their finances with benefits that can not be found on more conventional mortgages. These advantages would be the concerned with the following features:

1. Overpayments
2. Underpayments
3. Payment holidays

Overpayments
With redemption penalties being abolished in this mortgage product, the opportunity to make extra repayments on a regular or occasional basis is welcomed. Consequently this will help reduce the amount of money required to pay off the remaining debt as it would be done quicker than originally perceived. Meaning that less interest will be generated as the repayment period is shortened. Also, paying off the mortgage in full due to a sudden increase in finances, an inheritance windfall perhaps, would again not be levied with a penalty charge.

Underpayments
If there has been a reduction in income or an increase in expenditure then it is possible to make repayments that are less than the stipulated amount. However, this will be dependant upon a sufficient overpayment reserve being in place and gaining permission from the mortgage lender.

Payment holidays
This allows the borrower to take a break from making repayments for one or a number of months. However, they are limited in how often they can be introduced through out the validity period of the mortgage. Some lenders may well permit these holidays after six, 12 or 24 months or not at all in certain circumstances, such as the borrower becoming redundant.

flexible-mortgage: