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!

What types of mortgage rates are there?

With a whole of market choice, First Mortgage can find the best mortgage rate deals for you from the whole UK mortgage market. We are impartial, with NO hidden fees or commissions.

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, as well as our new Family Equity Loan Plan.

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 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 | BBC Your Money | Council of Mortgage Lenders