Hi,please can someone give me a straight forward explanation of all the different types of mortgages? I am tearing my hair out trying to work it all out myself :)
explanation of the different types of mortgages
(3 posts) (2 voices)-
Posted 10 months ago #
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1. Variable Mortgage
Mortgage Payments vary with changes in base rate
2. Fixed Rate Mortgage
Interest payments fixed for a certain time period
3. Capped Mortgage
Similar to fixed rate mortgage. States maximum interest rate
4. Self Certification Mortgage
Mortgages for those who have difficulty proving income
5. Interest Only Mortgage
Mortgage where you only pay interest on loan and do not repay any capital
6. Unconventional Mortgages
Non conventional mortgages available in the UK
7. 100% and 125% mortgages
Borrowing the full cost of the house, with no need for a deposit
8. Joint Mortgage
Buying a house and sharing the cost
9. Adverse Credit Mortgages
Help for people looking for mortgages with bad credit ratings
10. The Never Ending Mortgage
Yes, there are some reasons for having a "perpetual mortgage"
11. Buy to Let Mortgages
Advice on getting best deal from buy to let mortgages
12. Equity Release Mortgages
Getting equity from the value of your house.
13. Repayment Mortgages
Standard mortgage with repayment of capital as well as interest payments
Posted 10 months ago # -
perfect! thanks
Posted 10 months ago #
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