flexible mortgage

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A mortgage on a property in which the lender (mortgagee) allows a measure of flexibility in the repayments made by the borrower (mortgagor). In some flexible mortgages the borrower may overpay on the nominal repayments in order to pay off the debt more quickly. Others permit underpayments or even a repayment holiday for one instalment. Some flexible mortgages offer loans including all these concessions.

Subjects: Business and Management.

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