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Available Mortgage Types

There are many different mortgage types available to you. Below are the main types of mortgages with the pro's, cons, descriptions and who the mortgage may suit. Rest assured, we will find a mortgage to suit you.

 

Fixed rate mortgage
What? The interest rate (and monthly payments) of your mortgage will remain the same for a specified period of time - often 2 years, but can be longer.
   
Who? This type of mortgage suits people who prefer to know exactly what they are paying each month. Often favoured by first time buyers.
   
Pros? Peace of mind. Makes financial planning easier.
   
Cons? If interest rates fall while your on a fixed rate mortgage, you won't benefit.
   
 

Tracker mortgage
What? This tracks the Bank of England rate for a set period of time, e.g. 2% above bank rate for 2 years. When the bank rate changes, your rate will change.
   
Who? Tends to suit people who are after a competitive deal, but have enough scope in their monthly budget to cope with any increase in monthly payments.
   
Pros? If the bank rate falls, so does your rate and your monthly payments decrease.
   
Cons? If the bank rate rises, your monthly payments will increase.
   
 

Discount mortgage
What? A discount is given off the mortgage lender's standard variable rate (SVR) for a set period of time.
   
Who? This shares many similarities to a tracker mortgage and suits people who are looking for a low initial rate, but can cope with any increase in monthly payments.
   
Pros? If the mortgage lender drops its SVR, your rate will also fall.
   
Cons? If your lender increases it's SVR, your payments will rise. Furthermore, lenders have discretion over their own SVR and don't have to follow the Bank of England rate.
   
 

Offset mortgage
What? An offset mortgage allows you to use your savings to reduce the mortgage balance that you pay interest on. For example, if your mortgage is £100,000 and you offset savings of £25,000 you only pay mortgage interest on £75,000. By saving on the interest, you can often choose to reduce the monthly repayment or cut the term of the mortgage.
   
Who? For borrowers with substantial savings.
   
Pros? They can help you save on interest and repay the loan sooner. They can also be tax efficient for higher-rate taxpayers.
   
Cons? Offset rates tend to be higher than standard deals so you need a decent level of savings to make them worthwhile.
   
 

Flexible mortgage
What? A mortgage which enables you to do things that basic mortgage deals don't, e.g. take payment holidays, make and borrow back overpayments etc. These deals take many shapes and forms and not all of them have all the flexible features.
   
Who? Suits anyone requiring flexibility from their mortgage lender. Can be useful if you have an irregular income.
   
Pros? You get a mortgage that can adapt to your financial habits.
   
Cons? There is often a price to pay for the flexibility, reflected in higher interest rates. Unless you definitely need a particular feature unavailable elsewhere, it may be cheaper to take a regular deal that has the flexible features you're after. Many mortgages now, for example, allow overpayments.
   
 
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What happens next?
Simply fill in the no obligation mortgage application form and sit back. We will contact you with your FREE mortgage quotation within 24 hours!
Alternatively call us on: 01792 850 017

See how much you could be saving today!

 
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For poor credit loans and mortgages, Select Mortgages and loans is an introducer for Chase Blue Loans who pay us and introductory fee, we provide no advice.

Authorised and regulated by the Financial Services Authority
 

Licensed Credit Broker
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All loans subject to status. PLEASE THINK CAREFULLY BEFORE SECURING MORE DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER LOAN SECURED ON IT.

Authorised and regulated by the Financial Services Authority

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Select Mortgages and loans is an introducer and provides no advice at all on poor credit loans.
For adverse credit loans, Select Mortgages & Loans is an introducer only to Chase Blue Loans and cannot accept any responsibility for advice given. Your details will be passed to Chase Blue Loans.
 
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