Types of Mortgage
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. Use the FREE online mortgage calculator below to help you find the right mortgage deal for you:
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
The above mortgage products highlighted on this website are available directly through lenders who will be able to provide further information about the product you are interested in. If you are unsure about what mortgage product is suitable for you, we suggest you speak to an independent mortgage broker