flexible mortgage: translation
A new type of mortgage that is becoming more popular, especially among the self-employed and other people who may experience uneven cash flow. It allows you to vary your monthly payments without any penalty, and even to take a payment holiday for a while. You can also borrow, or 'draw down', from the loan when you need to. The ability to overpay can save you a lot of interest over the term of the loan. Flexible mortgages often incorporate a current account, too, encouraging the idea that borrowings and savings can be run more efficiently in one pot. Financial Services Glossary