A-Z of Mortgages
A quick list of mortgages:
A brief description of all of the types of mortgages that are offered:
100% Mortgages:- No Money Down mortgages, lender will give the full amount for the property price and expects no deposit, rare to non-existant at the moment!
Base Rate Tracker:- A normal mortgage with an interest rate that tracks the Bank of England's abse lending rate.
Bridging Loan: Often to take a short and high interest loan to secure a second property before selling the first.
Cashback Mortgages: Often a cash in hand incentive in addition to the money borrowed.
Capped Rate: Offering a both a fixed rate and and variable, agreeing to pay a capped limit on the maximum amount of interest, which falls if the variable drops below it.
Current Account Mortgage: A newer mortgage that is set up as a current account to pay money in to like a bank account.
Discounted Variable Rate: Interest Payment variant to get new customers with lower payments than a Standard Variable Rate for a set period.
Equity Release Mortgage: The lender will release equity up to 95% against your property to you, Be very careful as this is not government regulated!
Endowment Mortgage: Popular mortgage in the 80's and 90's that relied on paying money in to a stock market investment to offset the mortgage cost.
Fixed rate mortage: The lender agrees to "fix" the interest rate at a set amount for a period of time.
Fix and Track: This is similar to a fixed rate but also tracks against the base rate after the fixed term has ended.
Flexible mortgage: Altering the monthly payments with no penalty apart from continuing interest.
Guarantor Mortgages: Using a parent, friend or relative that guarantee your mortgage and will cover any default payment.
ISA Mortgages in UK: interest only mortgage, using an Individual Savings Account to save the cash to repay the capital at the end of the mortgage term.
Islamic /Muslim Mortgage: Adheres to Sharia (Islamic Law) and comes in as either Ijara or Murabaha mortgages.
Key Worker Mortgage: Favourable rates to Key Workers and public sector workers such as Nurses, Police, Firefighters, Teachers amongst others
Lifetime Rate Mortgages: Option to get a mortgage beyond 25 years amongst other incentives to stay with one lender.
Offset Mortgages: Counts the money you have in savings and current accounts against your mortgage to reduce what you owe. you earn no interest on your cash but also pay no interest.
Part and Part Mortgages: halfway house between an Interest only mortgage and a Repayment Mortgage (Capital and Interest)
Self Certification Mortgages
Standard Variable Rate
Tracker Mortgages
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