Mortgages Explained

Fixed (with no extended redemption tie-ins): This type of mortgage fixes the rate for a period of time and then it usually switches to the variable rate. There is no early redemption charge if you change the mortgage after the initial period.

Fixed (with extended redemption tie-ins): This type of mortgage offers a discount off the standard variable rate. However, in this instance you will still be subject to an early redemption charge if you change the mortgage within a further fixed period.

Discounted (with extended redemption tie-ins): This type of mortgage offers a discount off the standard variable rate for a period of time and then it switches to the variable rate. However, in this instance you will still be subject to an early redemption charge if you change the mortgage within a future fixed period.

Offset: This type of account allows you to operate your mortgage borrowing through a current account.

Buy to let: This type of mortgage is provided for property purchase for investment in the private rental sector. You need a minimum of 11% deposit for purchase, 15% for re-mortgage.

100% Mortgages: This type of mortgage allows you to borrow 100% of the value of the property i.e no deposit is required

Variable: This type of mortgage is one in which the amount you repay increases or decreases in line with any internet rate changes

Shared Ownership: This type of mortgage is for shard ownership properties only and a mortgage for the percentage amount of the property that you are purchasing can be obtained with different options available depending on situation.

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Your home may be repossessed if you do not keep up repayments on your mortgage

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