Here are just a few examples of the different types of mortgages available.
Fixed Rates
A range of Fixed Rates maybe available to you whereby you will be able to ensure that your mortgage payments do not alter for a period of 1-5 years. Applicants may also be able to fix their mortgage rate for even longer period
Tracker Mortgages
This type of mortgage is usually linked to the Bank of England Base Rate or LIBOR, wth your mortgage payments increasing or decreasing as the Bank Rate fluctuates.
Variable Rates
This type of mortgage is linked to the lenders own Standard Variable Rate and as with Tracker
Mortgages, your monthly payments can increase or decrease as and when the lender alters its Standard Variable Rate.
Think carefully before securing other debts against your home.
Your home or property may be repossessed if you do not keep up repayments on your mortgage.