People buying their first home often have specific needs when it comes to finding a mortgage. A range of mortgages exists specifically for this market sector.
With options for overpayment and payment ‘holidays’, a flexible mortgage can make the traditional 25-year British mortgage look rather old-fashioned.
An offset mortgage enables you to use your savings to reduce your mortgage balance and the interest you pay on it.
Before you choose a specific deal, you need to decide what type of mortgage is the most appropriate for your needs.
Equity release can help people release cash (equity) in their homes for a particular purpose, like supplementing retirement income.
Remortgaging means switching your mortgage to another deal with another lender without moving property.
A bridging loan is taken out to ‘bridge’ the gap between the purchase of a new property and the sale of an existing one.
These are mortgages suited to people building a new home. With a self build mortgage, money is released in stages as the build progresses.