Mortgages Explained – Open mortgages

Get the flexibility you need with an Open Mortgage.

Make extra payments or pay off your mortgage early without penalty.

What is an Open Mortgage?

An Open Mortgage is a type of mortgage that allows you to make extra payments or pay off your mortgage early without penalty. With an Open Mortgage, you have the flexibility to pay down your mortgage faster or take advantage of lower interest rates without being locked into a fixed term.

Benefits of an Open Mortgage

One of the main benefits of an Open Mortgage is the flexibility it provides. With an Open Mortgage, you can make extra payments or pay off your mortgage early without penalty, which can save you money in interest over the life of your mortgage. Additionally, Open Mortgages may have higher interest rates than other types of mortgages, but the flexibility they provide can be worth the cost for some borrowers.

Is an Open Mortgage right for you?

If you value flexibility and want the option to pay down your mortgage faster or take advantage of lower interest rates, an Open Mortgage may be the right choice for you. This type of mortgage is ideal for those who want to have more control over their mortgage and the ability to make extra payments without penalty. However, it is important to remember that Open Mortgages may have higher interest rates than other types of mortgages.