Mortgage Basics

A mortgage is a loan which is secured against a property. There are so many mortgage deals available that it is important that you look around for the best rates and the deal which is most suited to you.

Types of mortgage

Variable - This means the interest rate goes up and down in line with the Bank Base Rate.

Discount - This means there is a reduction on the variable rate for a certain period of time.

Tracker - A base rate tracker mortgage tracks the BOE's base rate and changes in accordance, with a constant differential, set by the lender.

Fixed rate - This means that the interest rate is fixed for a set period.

Capped rate - Self explanatory. The interest rate is variable but cannot go above a pre-arranged limit.

Cashback - This means that you will get a lump sum in cash upon completion of the deal.

Flexible Mortgages

Flexible mortgages allow you to overpay, underpay, borrow back overpayments and take payment holidays. Interest is calculated daily on a flexible mortgage and there are no redemption penalties.




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