What mortgages are available in the UK

A mortgage is made up of two ingredients: the capital which is the amount of money you borrow from your lender to buy your home, and the interest the lender charges on the capital until you pay it back. Your lender has many different types of mortgage available, using various methods of repaying the capital and the interest.

And then you also have various options depending on how you want the interest on the loan to be charged. This is where the fixed rates, discounts and trackers come in.

Confused? Actually it’s very straightforward - just scroll down the options here and all will be revealed.



Bridging Loans
Mortgages

As the name suggests, people can take out bridging loans to tide them over for a short period, usually when they’re buying property or a building plot.

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Buy to Let

Many of us have been tempted into the buy-to-let market, where you buy property specifically to rent out.

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Capped Mortgages

The major disadvantage of the fixed-rate mortgage is that whilst it protects you against rising interest rates, it also stops you taking advantage of a fall in interest rates.

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Cashbacks

Choosing a mortgage linked with a cashback gives you a cash lump sum, tax-free, on completion of your mortgage. They come in discounts, trackers or fixed rates so you need to choose which type of mortgage you would prefer and then the cashback is an added bonus.

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Credit Impaired

There are many reasons why you may have a poor credit history but it can affect your chances of getting a mortgage.

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Discounts

With this type of interest rate, the lender drops a few percentage points off its variable lending rate. Some lenders offer discounts only to first-time buyers, but others offer them to all their customers.

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Endowment Mortgages

This is a mortgage where you pay only the interest to the lender and you use an endowment policy to repay the capital as a lump sum at the end of the mortgage.

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Equity Release

Equity release plans – also called lifetime mortgages, home reversion or home income plans – are a way of releasing cash, whether to buy that new car, to pay for a holiday or home improvements, or simply to make daily life more comfortable.

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Fixed rates

Your lender may offer a mortgage where the interest rate is fixed for, say, two to three years or sometimes longer so your monthly mortgage payments stay the same during that period.

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