There are several different types of mortgages available and some may be more suitable to your circumstances than others. Most mortgage deals will fall into one of the types listed below:

Variable Base Rate. This is the traditional and most common type of mortgage. The rate of interest is not fixed but can vary as general interest rates vary. This is a standard mortgage and is not classed as a special low deal.

Fixed Rate. The rate of interest charged remains the same for a set period of time on this type of mortgage. At the end of the period it is normal to revert to the lenders variable rate or you may have the option to go onto another deal. This mortgage has the advantage of providing borrowers with a period of certainty.

Capped Rate. This is a form of variable rate but with a guarantee that the rate will not rise above a certain level. This type of deal has the advantage of benefiting from interest rate decreases but being secure not to rise above the capped level.

Discount Rate. This is a discount on the normal variable rate. It may be 1.5% or 2% lower than the lenders standard rate but it is still variable and can go up and down with the standard rate changes.

Flexible Mortgages. This relatively new type of mortgage is becoming very popular. The benefits as seen by many people are that it is possible to make extra payments to pay your mortgage loan back sooner, take mortgage payment holidays and in some cases connect your mortgage loan to your other finances such as your savings and your credit card. However you need to tread carefully because this type of mortgage may not suit many people and usually they do not provide the lowest interest rate deals. We can inform you of whether this type of loan would suit you.