Flexible Mortgage Loan definition

Flexible Mortgage Loan means a type of Mortgage Loan (other than a Personal Secured Loan) product that typically incorporates features that give the Borrower options (which may be subject to certain conditions) to, among other things, make further drawings on the mortgage loan account and/or to overpay or underpay interest and principal in a given month and/or to take a Payment Holiday;

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Flexible Mortgage Loan means a type of Mortgage Loan product that typically incorporates features that give the Borrower options (which may be subject to certain conditions) to, among other things, make further drawings on the mortgage loan account and/or to overpay or underpay interest and principal in a given month and/or to take a Payment Holiday;

Flexible Mortgage Loan means a Mortgage Loan where interest is charged daily at either a fixed rate or a variable rate and which permit the Borrower to make (i) cash redraws, (ii) overpayments, (iii) underpayments and (iv) an application for a payment holiday of one month per every nine consecutive full monthly payments made, with a maximum payment holiday of three months.

Examples of Flexible Mortgage Loan in a sentence

• Overpayments in respect of any Flexible Mortgage Loan (including the amount of any Together Connections Benefit applied to the related Together Connections Mortgage Loans or any Connections Benefit applied to the related Connections Mortgage Loans) will not be retained in the Mortgages Trustee GIC Account but will be distributed to the Beneficiaries on the immediately succeeding Distribution Date as Principal Receipts.

• Overpayments in respect of any Flexible Mortgage Loan (including the amount of any Together Connections Benefit applied to the related Together Connections Mortgage Loans) will not be retained in the Mortgages Trustee GIC Account but will be distributed to the Beneficiaries on the immediately succeeding Distribution Date as Principal Receipts.

• Overpayments in respect of any Flexible Mortgage Loan will not be retained in the Mortgages Trustee GIC Account but will be distributed to the Beneficiaries on the immediately succeeding Distribution Date as Principal Receipts.