Definitions for "Flexible mortgage"
A new type of mortgage that is becoming more popular, especially among the self-employed and other people who may experience uneven cash flow. It allows you to vary your monthly payments without any penalty, and even to take a payment holiday for a while. You can also borrow, or 'draw down', from the loan when you need to. The ability to overpay can save you a lot of interest over the term of the loan. Flexible mortgages often incorporate a current account, too, encouraging the idea that borrowings and savings can be run more efficiently in one pot.
An arrangement whereby mortgage repayments can be increased or decreased.
This mortgage gives you the freedom to change the amount and frequency of your mortgage payments. This is one of the most flexible mortgages on the market., which can potentially save you money by linking your current account and mortgage together.