Types of mortgages explained

There are many mortgage options available in the UK, all with different features, fees & eligibility.

We assess all the available options that are available to you and discuss, advise and recommend the most appropriate for your circumstances.

Here is an overview of the some of the most typical or popular.

Fixed Rate Mortgages

With a fixed rate mortgage, the interest rate stays the same for a set period of time. This means that for every month during this set period, your mortgage repayments will remain the same.

Tracker Mortgages

A tracker mortgage is a type of variable rate mortgage. The interest rate tracks the Bank of England base rate at a set margin (for example, 1%) above or below it.

Discount Mortgages

A discount mortgage is a type of variable rate mortgage. The term ‘discount’ is used because the interest rate is set at a certain ‘discount’ below the lender’s standard variable rate (SVR) for a set period of time.

First Time Buyer Mortgages

If you have not previously owned a property you are classed as a first time buyer. Some lenders offer discounts on the fees and rates to first time buyers.

Buy to Let Mortgages

A mortgage on a property that you will let out to unrelated tenants, usually let on a 6 or 12 months assured shorthold tenancy (AST) agreement.

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