Mortgage Rate Types
Tailored rates with firstmortgage.co.uk
With several different types of mortgage rates, and thousands of different mortgage deals on the market, choosing the right one can be confusing! With a whole of market choice, First Mortgage can find the best mortgage rate deal for you from over 150 UK lenders. We are independent and impartial, with no hidden fees or commissions. We even offer a guarantee - find a better mortgage deal and we’ll pay double the payment difference for the first year!
What types of mortgage rates are there?
You can find seven main types of mortgage rates, each offering slightly different benefits. Choose from Fixed, Tracker, Discounted, Flexible, Capped, Offset and Current Account rates. There are also special arrangements available for first time buyers, such as guarantor agreements, shared ownership or 100 % no deposit mortgages. You can learn more about other types of mortgage product by clicking here.
Which mortgage rate type is right for you?
Depending on your circumstances, each mortgage rate will offer you different pros and cons. The main types and their differences are:
Fixed - pay a set rate of interest for an agreed period
Tracker - your interest rises and falls in line with bank interest rates
Discounted - offers a small discount on the lender’s standard variable interest rate
Flexible - vary your monthly repayments
Capped - your interest rate won’t rise above an agreed level for a set period of time
Current account - these combine a banking account with a mortgage, allowing you to make overpayments and receive daily interest changes
Offset - hold all of your other borrowings with the same lender
Call us on 0845 603 1525 for a free consultation with one of our friendly and experienced consultants. We are more than happy to discuss your situation and help you choose the best mortgage rate type to suit your needs.
Related Internet Links :
UK government consumer information | Financial Services Authority | Financial Ombudsman Service
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