Types of Mortgage - Full Guide »
The sheer number of types of mortgage currently on offer can be quite dizzying, and it is hard to make a selection from all the deals, discounts and specialised mortgages available. Among the types of mortgage that you might come across are:
- Repayment mortgages – wherein you need to repay both interest and part of the loan itself each month.
- Interest-only mortgages – only requiring you to repay the interest each month, and the full sum of the loan at the end of the mortgage term.
- Fixed rate mortgages – with set rates of interest for an agreed period.
- Tracker rate mortgages – with interest rates that follow the base rate set by the Bank of England.
- Buy to let mortgages – offering loans for acquiring property to let and use the rent towards paying the mortgage.
- Offset mortgages – allowing the borrower to offset savings against the cost of the loan, reducing interest and potentially paying back the mortgage faster.
- Lifetime mortgages – unlocking the wealth of a property for the owners, only repaid on passing away or moving to a new property.
Most importantly, make sure you seek professional and independent advice on mortgages to help you make an informed decision on what is right for your needs.
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