Flexible Mortgages
UK - USA - Canada

The common definition of a mortgage as a loan that is issued to help the applicant purchase a house or property is quite a broad one. Some mortgage lenders offer mortgages that feature certain levels of flexibility and freedom to the applicant. The entitlement to flexible mortgages such as these will be highly subject to the applicant’s credit history; the better your credit history and credit rating, the more flexible the mortgage lender will be with regard to your mortgage.

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The purpose of a flexible mortgage is to offer a level of flexibility to the borrower regarding repayment. The main benefit of a flexible mortgage is that interest rates are evaluated on a short term basis i.e. monthly or daily, meaning that any overpayment that is made will have immediate effect in reducing the mortgage balance. This is in contrast to traditional mortgage plans, where the interest calculations are carried out annually meaning that the benefit of overpayment may not be seen until as much as a year afterwards.

A flexible mortgage may also feature rewards that are linked to the borrower’s current bank account; the interest payable on the outstanding mortgage balance is dependent on the current financial account of the borrower e.g. if the borrower has a mortgage balance of £60,000, and a current account balance of £3000, he or she will only owe interest on a mortgage balance of £57,000. Savings accounts, credit cards and personal loans may also be linked to this option.

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