Types of mortgage
Before you can decide on the right one, though, you need to know the differences between the many types available.
Explore the choices
When you take out a mortgage there are two key decisions you have to make:
Put simply, a mortgage is a loan secured against property and when choosing the rate of interest you pay, you'll need to consider the two basic types available. The first is a variable rate and is offered by just about every lender.
The second type is harder to categorise but generally these mortgages offer deals over a limited period. There is a wide choice of packages including fixed rate loans, capped rate and flexible mortgages.
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