Flexible mortgage commonly known as Austrian style mortgage is a type of mortgage which gives permission to a borrower, to make overpayments and underpayments with out a penalty.
Important aspects:
- It supports money withdrawal up to a pre agreed borrowing limit or equal to the sum of over payments made previously.
- Here, the computation of rate of interest is done monthly rather than annually. It helps the borrower in saving thousands of pounds.
- It is the cheapest means of money raising, than through personal loans or credit cards.
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