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Remortgage | Mortgage | Self Certification | Buy to Let | First Time Buyer
A quick guide to understanding the different types of mortgage products and rates
Mortgages are not all the same. There are several different types. Features and benefits can vary which is why it is important for you to understand how they work when making a decision on which mortgage is right for you.
- Variable Rate
Your payments go up and down as the mortgage rate changes (mortgage interest rates tend to move in line with the base rate set by the Bank of England, but there is sometimes a delay). Lenders set their own standard variable rates of interest.
- Fixed Rate
The interest rate is guaranteed to stay at a set level for a set period, regardless of any changes in the base rate.
- Discounted Rate
Your payments are variable, but they are set at less than that lender's standard variable rate for a period of time. At the end of the period, you are usually charged the lender's standard variable rate.
- Base Rate Tracker
The interest rate varies (up or down) directly in line with the Bank of England base rate.
- Capped Rate
The interest rate varies but doesn't go any higher than a set level, even if the base rate does go higher.
If you choose a fixed or discounted rate, make sure you'll be able to cope if your payments increase sharply at the end of the set period.
For more information speak to one of our mortgage consultants, Telephone 0800 345 7550. Alternatively, fill in the enquiry form below and we will come back to you within 24 hours.
Complete the No Obligation Enquiry Form below to get the ball rolling.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
STATEMENT
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
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