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Types of mortgages
First time buyer, moving home, or looking for a buy to let property? Whatever your situation, you’ll need to consider what type of mortgage you take out. Learn more about different types of mortgages and how they work, so you’re ready to take your next step on the property ladder.
There are two main types of mortgages
Mortgage repayment types
There are different ways to repay your mortgage, including:
Other types of mortgages
Self-employed
Being your own boss shouldn’t stop you from getting on or moving up the property ladder. Find out how to apply for a mortgage as a self-employed contractor, freelancer or business owner.
Buy to let
If you’re looking to buy a property to rent out, then a Buy to let mortgage might be the right choice for you. Find out how a Buy to let mortgage works.
Shared ownership
You could buy a share of a property and pay rent on the rest. If you’re a first time buyer, or struggling to save a deposit, shared ownership could be for you.
Joint mortgages
With a joint mortgage, two or more people can buy a home together. Most are taken out by couples, but business partners or friends might be able to get a joint mortgage too.
95% mortgages
A 95% mortgage can help you borrow up to 95% of the value of your home, with as little as a 5% deposit.
Let’s take a closer look
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Repayment mortgages tend to be the most common mortgage type available on the market. But this can depend on the type of property you buy. For example, Buy to let mortgages are often interest-only.
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A fixed rate mortgage could give you peace of mind that your interest rate won’t change during the term of the mortgage deal. This might be reassuring, especially in times of financial uncertainty. But with a variable rate mortgage, such as a tracker mortgage, you might be able to access lower rates if interest rates fall.
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During the application process, your lender will review your details and offer the most suitable mortgage deals available. This is based on factors such as the size of your deposit and the type of property you want to buy.
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