Mortgage Knowledge Base
A flexible mortgage is a type of home loan that allows the borrower to have more control over their repayment schedule. With a flexible mortgage, borrowers may have the option to make overpayments, underpayments, or take payment holidays without incurring any penalties. This can be useful for borrowers who have variable income or who may need to adjust their mortgage payments due to changes in their financial situation.
Flexible mortgages may also offer other features such as the ability to borrow back overpayments, offset, or to convert the loan to an interest-only mortgage for a period of time. It’s important to note, however, that flexible mortgages may come with higher interest rates compared to other types of home loans.
