Flexible mortgages
Flexible mortgages help to make it easier to handle the things that come up in life. Things like accidents, employment and lose of employment that can make mortgage payments difficult to manage or pay them off quicker.
Flexible mortgages usually allow for overpayments, underpayments and further loans in order to accommodate the insecurities of the ever-changing economic stability. Overpayments allow you to take advantage of paying off the entirety of your mortgage without having to worry about redemption penalties. Your mortgage would be recalculated on a regular basis in order to adjust your interest rates.
Underpayments allow you to make reduced payments if for financial reasons you cannot make regular payments. It works well in short times of financial difficulty allowing you to maintain your home but it does add to the outstanding mortgage balance.
Further loans, allow you to withdraw a lump sum from your mortgage account without having to apply for a new loan and going through the approval process. There are conditions to this and these can affect the amount you are able to borrow.
Not all of these features are available with every loan. The offerings are up to the discretion of the lender.
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