The flexible
mortgage is extremely beneficial for first time buyers or young
couples who are just starting out in their careers as flexible
mortgages often offer low repayments for the first year.
This allows the majority of people to get their careers
established before the repayments increase.
This is also beneficial to individuals who are due to retire.
Long term pension plans often offer a lump sum on retirement.
To ensure a stress free future, this lump sum could be used
to completely pay off the remainder of the mortgage without
penalties.
Flexible mortgages
also have a clause in the contract that allows a borrower to miss
six monthly payments in any one year if necessary.
This could be an advantage if unforeseen financial demands
arise. These could
include childbirth, university fees or unemployment.
