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YES of course the world economy has been very difficult , even bad for some home owners and businesses throughout 2009 culminating in bankruptcies, bad credit and all sorts of poor credit ratings. 
Combined with a continuing difficult economy the banks and lenders are now more concerned than ever about lending money to the wrong person.
Pay day loans won’t fix everything are certainly not the world’s financial woes , however here in the USA they are great for helping people who find that they need just a little bit of extra cash to last them until payday.
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Flexible Mortgage? Ideal For The Self Employed
If you are concerned about paying a mortgage because you are self-employed, a flexible mortgage could be for you. Being self-employed has many rewards, such as being your own boss, but a downside is erratic pay: you can have a payment holiday for a month or two without pay, and then the following month have lots of money.
A flexible mortgage differs from a regular mortgage as it allows you to make overpayments, underpayments and take payment holidays, subject to the mortgage agreement.
The flexible mortgage came from Australia in the early 1990's, and in the mid 1990’s mortgage lenders realized it would be a perfect fit for many people in the UK who were self-employed, or for people who had irregular work and lifestyle patterns.
A flexible mortgage is now seen as an accepted form of borrowing and is well established in the mortgage market.
Benefits of a flexible mortgage:
- Regular overpayments can pay off your flexible mortgage early and potentially save thousands in interest repayments
Pay in lump sums on an ad hoc basis
- Interest is calculated on a daily/monthly basis – with traditional mortgages, most banks and building societies calculate interest payments on an annual basis. At the end of each year, the mortgage balance is assessed and used to reset the interest payments. Daily or monthly interest calculations means less interest paid, and an earlier reduction of the mortgage balance
Pay less than the normal monthly repayments
- Take a payment holiday – for example: if your flexible mortgage repayment is $600 per month, and you have previously made overpayments totalling $3000, you would be able to have a payment holiday up to five months.
- Borrow money (loan drawdown) – Borrow extra without additional approval from the flexible mortgage lender, provided the total loan does not go above an overall limit. Alternatively you could ‘borrow back’ money against previous overpayments. Many customers borrow money to fund home improvements to increase the value of their property.
- No early redemption charges. More information
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