Mortgage Types - There are many different mortgage types, differentiated by how the interest rate varies, the use of the property being mortgaged and the types of repayments to be made on the mortgage. Variation of Mortgage types according to interest rate include: fixed rate, variable rate, tracker rate, capped rate and discount rate. There are mortgage types which vary according to property type, including residential, commercial and mixed use mortgages. Finally, the repayment schedules for a mortgage differ between mortgage types; interest only mortgages are a mortgage type where mortgage payments only pay off interest accrued on the loan, whereas repayment mortgages or mixed mortgages make capital repayments to reduce the loan size over a period of time. You should be aware that for interest only mortgages your debt will not reduce over the term of the mortgage and you will be responsible for arranging a vehicle to repay the capital borrowed.
As there is a huge variety of mortgage types, having the right assistance in finding the right mortgage types for your circumstance and needs can make all the difference, and could save you substantial amounts of money.
Our team of expert advisers has years of experience dealing with a wide range of mortgage types: specialist mortgage types and popular mortgage types. We carry out a detailed fact find for all our clients, which help us determine which mortgage types fit your needs and plans for the future. We will talk you through the mortgage application process from start to finish, explaining the implications of different mortgage types, and the lending criteria for mortgage types from different lenders. We make sure that you have all the information you need to make a decision between mortgage types.
If you need any assistance why not speak to one of our Mortgage Advisers by calling 020 77 100 400 or Enquire Online.
Call us today to find out which mortgage types will best fit your mortgage needs.