Your home may be repossessed if you do not keep up repayments on your mortgage.
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General mortgage help and mortgage types
The type of mortgage product is often confused with how it is to be repaid, what type of borrower you are considered to be, or, even what key features it may have. For example, when asked what type of mortgage a borrower has is common for them to reply “Repayment Mortgage” or "Flexible Mortgage"; one of which describes how the loan is to be repaid and the other a feature of the product that allows the borrower greater control of their debt.The starting point for choosing the right type of mortgage is to decide what best suits you. There are basically five types of mortgage products; Standard Variable, Fixed, Discount, Capped or Tracker and these types of product are available over varying periods of either months or years. Which product is right for you, over what period can depend on many factors such as affordability, market conditions, your future plans, or even your personal preferences (for example lenders that have an ethical stance on its investing).
Whether you are buying for the first time, moving home, buying an investment property, remortgaging your home or investment property, cannot prove your income or have had previous bad credit, you will find that there will be different types of mortgages for you to choose from.
As this is the largest single financial commitment most people have it is important that the right type of mortgage. Whilst we do not hold a crystal ball and certainly will not predict what the market will actually do we update our systems daily and listen carefully to economists, industry figures and the press to ensure that we have up to the minute opinion where it counts.
Once you have decided, or been guided, to the right type of mortgage for you, you can then start to consider how you are going to repay it, what key features you would (such as being able to repay large amounts of the borrowing, or, a free valuation, or, to be able offset savings against your debt).
Your home may be repossessed if you do not keep up repayments on your mortgage
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