There are many mortgage companies in the UK, taking part in the competitive mortgage market and offering a wide variety of deals and options to borrowers. When you are looking at mortgage companies and their offerings, it can be useful to take expert advice from professional brokers and think carefully on your choice – taking on a mortgage can be one of the most important decisions you will make in your life.
Mortgage companies commonly offer several different types of mortgage:
-
Fixed rate loans – loans that have a set interest rate for a term, which will not change and remains steady.
-
Variable interest or tracker loans – loans with fluctuating interest rates that follow the base rate as set by the Bank of England.
-
Repayment loans – loans that are repaid in regular instalments over the term of the mortgage.
-
Interest-only loans – loans that only have the interest paid off at each instalment, with the body of the loan and any remaining interest being repaid at the end of the term.