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Mortgage Types

Although borrowing money to buy a home is a simple idea it’s certainly not true to say that ‘one size fits all’ in the world of mortgages. There is a huge choice of mortgages on the market, each designed to meet specific borrower needs.  The different mortgage types also take into account the fact that some borrowers are seen as a greater risk than others by the lenders.

The three basic elements of a mortgage are still how much you are borrowing, for how long and at what interest rate and it’s on that foundation that the mortgage varieties are built. 

It’s clear that first time buyers with little to pay as a deposit will have different requirements of a mortgage than those with a property to sell.  The self-employed are subject to closer scrutiny than those with long standing fixed incomes and buyers wishing to purchase a second or third property to be rented out are yet another category of borrower. 

Amongst the many types of mortgage there will be some that are more suited to your lifestyle and income than others and you can only narrow down your choices by comparing what’s available in line with what you need.