What is a Flexible Mortgage Loan?
A flexible mortgage loan is simply a mortgage which doesn’t have regular repayments and which you can withdraw cash up to the loan’s limit without any futher paperwork or permission from the lender
The details vary from country to country but at is most flexbile the loan ia in effect a giant line of credit sucured against your home which you can operate as a regular checking account complete with bank cards and check books. If you direct credit your salary into the account and pay all your regular bills by credit card (which you pay off at the end of the interest-free period) you minimise the morgage’s balance and therefore minimise your interest payments!
It a great solution for those who have an uneven income or have to save large amounts of cash for say taxes due – you get a much better rate than a savings account and its tax free!
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