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Mortgage Types
There is a wide variety of mortgage products available in the UK market. Here, we explain the main types of mortgage, describe how they work, and help you decide which best suits your individual needs.
DIFFERENT TYPES OF INTEREST RATES:
Standard Variable Rate (SVR) - Mortgage repayments vary according to market conditions.
Discount Mortgage - A discount interest rate is offered for an introductory period, after which the interest rate is adjusted.
Tracker Mortgage - Mortgage repayments are linked to monthly movements in the Bank of England base-rate. Often referred to as just variable rate mortgages.
Fixed Rate Mortgage - Mortgage repayments are fixed for a set period of time, despite fluctuations in the Bank of England base-rate.
Capped Rate Mortgage - A cross-between fixed and variable rate products, repayments may fluctuate with the Bank of England base-rate, but are capped at a maximum interest rate.
OTHER TYPES OF MORTGAGE PRODUCTS:
Flexible Mortgage - Also known as an Australian-style Mortgage, this allows overpayment or early payment without Early Repayment Charges.
Offset Mortgage - Also known as a Current Account Mortgage, this allows a mortgage and savings product to be inter-linked, and can lower your tax liability.
Green Mortgage - A few UK lenders offer mortgages that, in part, are aimed at redressing the adverse environmental effects of housing.
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Moneytomove is a trading name of Moneytomove Ltd which is an Appointed Representative of Pink Home Loans. Pink Home Loans is a trading name of Advance Mortgage Funding Ltd which is authorised and regulated by the Financial Services Authority. FSA Reg No. 305008.
Registered office: Flat, 119 Portobello Rd, Notting Hill, London W11 2DY. Registered in England, Number: 5425034
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