Flexible Mortgage
Flexible Mortgage
As its name suggests, this is a type of mortgage that offers considerably more flexibility than traditional mortgages. Although specific details vary between Lenders.
The core features of Flexible mortgages are:
- daily or monthly capital rest
- ability to make overpayments at any point of the loan term without an early repayment charge.
In addition, many Flexible mortgages allow borrowers to:
- defer payment by taking payment holidays
- drawback overpayments
- drawdown further advances
- underpay without penalty (often only to the amount of any previous overpayments)