A Joustolaina or flexible mortgage is a loan that allows you to increase or decrease the size of your payments within certain limits.
This type of mortgage is relatively new.
The flexible mortgage comes in all shapes and sizes. The most basic mortgage operates on identical lines on a standard mortgage, but there are some other facilitifes such as daily interest calculations, the possibility of making insufficient payments, overpayments and vacation payments.
The interest rate can be subtracted, adjusted, limited or variable, but there is a great benefit that is calculated daily or monthly rather than annually. This means that any payment of the loan payment will affect the interest that will be charged immediately on the outstanding balance. By making regular overpayments, interest on the term can be significant.
Interest is usually calculated on a daily basis, so you pay immediately which reduces interest payments. Having the ability to make additional payments means that just by paying a little more each month can save you a clean amount of interest charges.
In addition, most lenders can recover funds from the account at the initial mortgage balance or even authorize payment holidays.
Remove the overpayments
A flexible mortgage will allow you to withdraw the amounts уоu pay оn уоur mortgage account to help you deal with emergencies. Being able to do this can help you deal with changes in your income or expenses, and reduce your remaining promises without penalty if you get a bonus.
Many people are self-employed whose income varies from month to month to find these useful products. They can make overpayments when income peaks annually and reduce payments when profits decline again.
It is more appropriate for people with an irregular income, or who are counting on a reduced income period or want to reduce their mortgage faster.
But having a Joustolaina is not just paying off before your mortgage. It’s about integrating your mortgage with your lifestyle. It should allow overpayments and most will allow you to make insufficient payments when funds are tight. You may even be allowed to make payment festivals – a full payment break while a reserve amount is in your account.
For example, if you are self-employed or work on short-term contracts, there is a good chance that your ability to pay will vary. With a flexible mortgage, you can pay back when the money arrives (and save money on low-rate interest payments) and reduce your payments or re-borrow money when you have fees to pay or when you are between jobs.
It may also be suitable for you if you have children. For example, if one of you has a professional vacation to attract children, it can be used to reduce the financial pressure during this period of low income and higher expenses.
Flexible mortgages are sometimes unavailable to some customers. For example, those who have a bad payment history, DSS benefits, who want to get a property that is not their main house.
It may not be for everyone. It all depends on how you use the features of a flexible loan. No more free and flexible costs – and even though flexible rates have dropped in recent years, they still can not compete with the cheapest discounts offered on standard mortgages. This is because flexible loans are designed for longer durations, to get the most out of them, you need to keep them long term and use all the features they offer.