Types of mortgage available

The types of mortgages available in the mortgage market today are diverse. Choosing between the different mortgages on offer can be confusing. How do you know which mortgage is best for you? Should you get a standard mortgage, current account or offset mortgage? At Money Workout our professional advisers are able to answer any questions you may have about the different types of mortgage available to you. Below we have listed the four most common types of mortgage available on the market today.

Standard Mortgage

This is the most common mortgage type and is more frequently known by the way interest is applied to the mortgage such as Fixed Rate, Discount Rate, Tracker etc - click here for an explanation of mortgage rates.

Offset Mortgage

This type of mortgage links your current and savings accounts together so that the amount owed on your mortgage is reduced by any savings you may have, when the lender works out the interest owing. As you save more in your current/savings account you pay less interest.

Current Account Mortgage

Similar to an offset mortgage it takes the balance of your current account off the mortgage, however rather than being separate accounts they are combined into one. The loan therefore acts as one large overdraft facility. The mortgage lender will require a minimum to be in your account each month to repay your mortgage over the agreed term.

Buy To Let Mortgage

This is a loan specifically aimed at landlords, wanting to buy a property to rent out to tenants. The amount that the buy to let landlord receives in rent may be over and above the mortgage payments and will help to offset the management and maintenance costs of the property. Please note the Financial Services Authority Do not regulate most Buy to Let mortgages.

Mortgages

Use Money Workouts unique search tool which scours the whole of the market to find the absolute very best mortgage deal available to you
Call us now. Call our expert advisers now on: 0845 293 7737

Home | Site Map | Terms and Conditions | Privacy Statement | How can we make this site better?
© 2008 - 2010 Money Workout, Ltd. All Rights Reserved

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Our initial advice is free. For arranging your mortgage our typical fee is up to 0.65% of the loan amount subject to a minimum fee of £449 which is payable on completion. We may also be paid a commission by the lender. We charge no fee for insurance advice. If you arrange insurance through us the insurer will pay us a commission.

Your search result should not be considered advice or recommendation. We have access to additional exclusive products that may be more appropriate for your circumstances. Contact Money Workout for professional advice.

Money Workout and Defaqto do not assume liability for errors or omissions.

Money Workout Limited is an appointed representative of Financial Limited which is authorised and regulated by the Financial Services Authority.

Registered office: Money Workout Limited, 371 Millbrook Road West, Southampton, SO15 0HW, UK. Registered in England and Wales. Company number 6382789.

Level Triple-A conformance icon, W3C-WAI Web Content Accessibility Guidelines 1.0 Valid XHTML 1.0 Transitional Valid CSS