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Flexible mortgages are among some of the new mortgage packages that have been created to cater for the modern mortgage market. The modern mortgage market has become more liberal and creative, and therefore this has led to an increase in the choice and diversity of mortgage packages being offered to borrowers. Most major lenders include some kind of flexible mortgage in their product range. The majority of flexible mortgages are sold through the traditional routes and they are increasing their hold in the mortgage market, due to consumer demand.
Essentially a flexible mortgage is a secured loan that can be paid back in varying amounts, and the interest is calculated on the fluctuations of the outstanding balance. Flexible mortgages are particularly suited to todays lifestyle, for example: jobs for life are virtually unknown, you might want a career break to raise a family or you might expect some major life changes in the near future.
A flexible mortgage can offer:
Overpayments
You can pay off your mortgage quicker by making regular overpayments or by paying in a lump sum on an ad hoc basis, without incurring any redemption penalties. A...
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