Features
Typical features include the facility:
- to make overpayments (more than the normal amount)
- to redraw (borrow back) any previous overpayments
- to underpay - less than the normal amount
- to take a payment holiday - stop repayments for a period, typically 3 to 12 months.
These features allow a flexible mortgage to be adaptable to individual circumstances. This is especially useful for self employed borrowers and those with a variable income. By way of example, borrowers whose income includes a significant but irregular commission component might make use of commission payments to make overpayments, thereby reducing the term or enabling them to underpay at other times.
Read more about this topic: Flexible Mortgage
Famous quotes containing the word features:
“All visible objects, man, are but as pasteboard masks. But in each event—in the living act, the undoubted deed—there, some unknown but still reasoning thing puts forth the mouldings of its features from behind the unreasoning mask. If man will strike, strike through the mask!”
—Herman Melville (1819–1891)
“Each reader discovers for himself that, with respect to the simpler features of nature, succeeding poets have done little else than copy his similes.”
—Henry David Thoreau (1817–1862)
“These, then, will be some of the features of democracy ... it will be, in all likelihood, an agreeable, lawless, particolored commonwealth, dealing with all alike on a footing of equality, whether they be really equal or not.”
—Plato (c. 427–347 B.C.)