Products

• BasicTracker Mortgages
• VariableRate Mortgages
• CappedRate Mortgages
• Tracker Mortgages
• Repayment Mortgages
• Islamic Mortgages
• LIBOR Mortgages

 

 

Types of Mortgages

 

We have over 70 Mortgage Lenders on our panel offering mortgages, each with many different types of products to choose from.  Mortgages Assist will search from our panel to match your circumstances with the most suitable product available, ensuring you take advantage of the best deal possible.

Some of the differing types of mortgage are:

Standard Variable

The standard variable rate is exactly as the title suggests. The standard variable rate varies from Lender to Lender, if the Bank of England changes its base rate then the lenders tend to change their variable rate. The borrowers on standard variable rate will see their mortgage payments fluctuate accordingly.

Fixed

Makes it easy to plan ahead, because as the name suggests, the interest rate on your mortgage stays fixed and you have the security of knowing the exact amount you will repay each month.

Discount

Do you like a bargain?  Unfortunately discounts don't last forever but they are a great start. The lender gives you a discount from their standard variable rate for a set period, which will alter according to the agreed discount percentage if the variable rate changes.

Capped/Collar

A capped mortgage ensures that the interest rate does not rise above a predefined rate. The interest rate is usually the same as the lender's standard variable rate, but will not rise above the agreed capped rate. Collar, the rate will not go below the set rate, even if the variable rate or the Bank of England rate go below the agreed collar rate.

Basic Tracker

The mortgage rate tracks the Bank of England base rate by a set amount for a specified period of time.

LIBOR Mortgage

LIBOR stands for the "London inter-Bank Offered Rate", this is an internal rate set by the British Bankers’ Association. At any one time the LIBOR rate will have figures for different periods, most LIBOR tracker mortgages are linked to the three-month figure.

Repayment Mortgages

There are only two types of repayment methods.  First type is the capital repayment, in which you pay back the capital borrowed and the interest charged.  At the end of the term there is no debt outstanding providing you make all payments.  The second method is interest only, with which you only repay interest charged by the bank.  You should have a suitable repayment method running alongside in order to repay the debt at the end of the term.

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