A flexible remortgage is a remortgage which provides several valuable options in regard to paying the monthly payments.
The features of a flexible remortgage typically include the following:
- The ability to pay less than the standard monthly payment. Many people receive payments from their employer which vary not only by date of the month, but also vary by amount. This feature would make it possible to reduce the amount of stress which is caused by not knowing if the monthly payment is going to be met.
- The ability to borrow any amount from a previous overpayment. Again, for those who are paid in a non – traditional way and cannot predict if it will be challenging to meet the monthly mortgage payment, this feature could be helpful.
- Without penalty, the ability to pay more than what is required in a normal monthly mortgage payment. This could be a feature which could cause major changes in the total repayment of the loan. When this feature is exploited, more of a monthly loan payment could go toward the principal of the loan instead of the interest. If done often, this could alter the timeline for having the property paid off. By paying more of the principal each month, the end date for complete repayment might come sooner than expected.
- The ability to not make a payment for 3 to 6 months. In extreme cases, if a paycheck has not been received for a few months, this feature could truly be a life saver. For those who get paid seasonally, or simply sporadically, this feature could be the sole reason for looking into a flexible remortgage.
These payment options are available without penalty, and have been for 17 years. The flexible remortgage loan product is tailor made for those who are seasonally paid, or paid inconsistently.
