Overview of a Flexible Mortgage

The flexible mortgage is a type of mortgage that provides you with many different options when it comes to repaying your loan. As the name implies, the flexible mortgage provides you with a great deal of flexibility when you repay your mortgage. You could  choose to make a payment that is larger than you are required to make or choose on that is a lessor amount.

Another option that you have is to borrow additional money without having to take out a new loan. The last thing that you can do is choose to stop your payments for a specific amount of time. This allows you to save your money for a certain number of months and then resume your payments again.

Using a Flexible Mortgage

This type of mortgage can be great for those that have a variable source of income. For example, if you are self-employed, you may not make a fixed amount of money every single month. With a flexible mortgage, you can pay larger amounts when you have more money and rearrange the payment schedules so that you pay less when your income is low.

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