Flexible mortgage

A flexible mortgage is like a magic money box that lets you take out and put in money whenever you want, but there are some rules you need to follow.

Let's imagine you borrowed some money to buy your own house and you have to pay it back over a few years. With a flexible mortgage, you can pay more than your monthly payment sometimes if you have extra money (like from a birthday gift or doing extra chores for your parents). This can help you pay off the money you borrowed faster, which means you won't owe the bank as much and won't have to pay as much interest.

But there's another cool thing about a flexible mortgage. If you need some extra money for something important (like fixing your car or paying for a school trip), you can borrow back some of the extra money you paid above your monthly payment. But be careful! This doesn't mean you can borrow as much as you want. The bank will set a limit on how much you can borrow back, depending on how much you've already paid and your financial situation.

So, a flexible mortgage is like a special type of money box that gives you more control over the money you borrow and pay back. It can help you pay off your debt faster, and also give you some extra breathing room in case of emergencies. But remember, you need to follow the rules and not borrow more than you can afford to pay back!