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FAQs - Flexible Rate Mortgages
What is a flexible rate mortgage?
A flexible rate mortgage may take many forms, but it is usually a mortgage that allows under-, over- or even occasional non-payment.
What are the advantages of a flexible rate mortgage?
In a word, flexibility. A flexible rate mortgage allows you to defer repayment when money is short and repay extra when there is extra cash in the bank.
Are there any charges for early redemption?
No. Unlike with other mortgages, if you pay off your mortgage early, you will not be charged any extra. An added advantage of this is that it allows you to switch mortgages at no extra cost.
What are the dangers associated with flexible rate mortgages?
There is a risk that undisciplined borrowers will fall into the trap of deferring payments and failing to repay surplus income. This will extend the repayment period and increase interest payments.
What happens to unpaid interest on a flexible rate mortgage?
Unpaid interest is simply added to the outstanding mortgage loan. You will then also be required to pay interest on this sum.
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THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
*Correct as at 15th January 2008
