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Mortgages by circumstances:
Types of mortgage:
You may remortgage once a fixed rate mortgage comes to an end, or you may wish to remortgage in order to borrow money against your property. You can remain with your existing lender, or you can search for an alternative mortgage with a different lender.
Typically only available with buy-to-let properties, an interest-only mortgage would see you paying interest to your lender each month, without paying back the loan in monthly installments. Once the mortgage term completes, you would pay the entire amount loaned back in one go.
With a tracker mortgage, the interest rate you will pay is typically tied to external factors such as the Bank of England’s base rate. If the base rate were to rise, the interest rate on your tracker mortgage would also increase. Likewise, if the base rate were to reduce, the interest you would pay back would also decrease.
With an offset mortgage, your mortgage can be linked to your savings, with the balance of your savings being ‘offset’ against the total value of your mortgage. This can reduce the interest you pay back as your savings balance would reduce the interest you owe on another mortgage type.
With a fixed-rate mortgage, your interest rate is guaranteed to stay the same for a set period of time – most commonly fixed at either two years or five years. This type of mortgage is popular across the UK and can make budgeting easier, as you know exactly how much will be paid out each month.
Lenders set their own standard variable rates, and you will be transferred onto a SVR mortgage if your fixed mortgage comes to an end and you don’t remortgage. By their nature, standard variable rate mortgages can mean that the total amount you pay could change from month to month.