The Flexible Mortgage is the mortgage plan full of freedom. This plan gives all freedom in payment of the loan. It is a long-term mortgage plan that allows you to offset your savings against the loan. This kind of mortgage facilitates easy payment options and also allows you to vary the payment schedule depending on the circumstances. The Flexible Mortgage is the perfect mortgage plan for those who don't have regular incomes and also for those who have a risk of no income at times. This is the ideal mortgage plan for those who are self employed or are working on commissions. This mortgage system first originated in Australia and is now very popular in United Kingdom.
The Flexible Mortgage is different from the traditional mortgage plans in many ways. It allows you to overpay the loan when you have more money with you. This will lower down your interest and mortgage term. This will also allow you to underpay whenever you don't have enough money in hand. If you have overpaid once then you can also take payment holiday in future.
The Flexible Mortgage has a special feature where you can offset your savings against the loan and hence reduce the rate of interest. This type of mortgage gives you better flexibility and hence you don't have to look for a better deal again and again. The Flexible Mortgage also provides you with additional money at the same interest rate up to the agreed limit.
The payment holidays can also be taken from 3 months to 12 months, if you have taken the Flexible Mortgage. This kind of mortgage allows you to manage your finances easily. You can plan your repayment schedules depending on your income. The rate of interest is comparatively higher as you get tremendous freedom in this kind of mortgage plan.
The degree of flexibility may differ with respect to the lender. There are many lenders who come out with innovative customer friendly flexible mortgage schemes that will benefit you a lot. You can search for the best offers online and also calculate the maximum available loan amount based on your financial background.
