As lifestyles and work patterns have become less predictable over recent years, borrowers have increasingly looked towards flexible loan agreements that bend to them rather than dictate to them.
Flexible loans which include payment holidays or breaks can be ideal for people who are self-employed or whose earnings are more heavily based on commission payments and have varying patterns of income throughout the year. They are also favoured by those who might want to take a career break, start a family, shoot off around the world or return to study. Simply put, they allow you to repay and borrow in a way that suits your changing lifestyle.
Many flexible loan agreements allow you to also overpay when you want to. This is extremely important if youre planning to take a payment holiday at some point as it will allow you to get ahead of yourself so that you dont incur additional interest charges when it comes to the time youre looking to take your payment holiday. They give you control and rather than adapting your lifestyle around your loan, you can bend the loan to suit your needs. If you do overpay some months, youll then be able to borrow back your overpayments at a...
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