Flexible Mortgages UK, USA, Canada

There are many obvious advantages to having a good credit rating and financial status; apart from the fact that it is easier to obtain credit, lenders are more willing to show flexibility with regard to the options they offer to borrowers with a good credit rating. A flexible mortgage is one that features several options and/or benefits for a borrower with a solid credit history. The level of flexibility and the amount of freedom you are given within such a mortgage is of course dependent on your financial status; the more financially affluent you are, the more flexible the lender will be with your mortgage.

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The main advantage of a flexible mortgage is that interest rates are evaluated on a short term basis. In standard mortgages, interest rates are recalculated annually, whereas the interest rate in a flexible mortgage is recalculated monthly or daily. This means that any overpayment that is made will have immediate effect in reducing the mortgage balance. With a standard mortgage, the benefit of making overpayments may not be seen until as much as a year afterwards.

The borrower’s current bank account may also play a part in the payable interest rate of a flexible mortgage; 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.

For other relevant sites try - flexible mortgages
For income/mortgage protection - try mortgage protection insurance
For online mortgages - try Loans UK