There a wide range of mortgages in offer in the UK market, and these are tailored towards different people so it is important that you understand what each one offers borrowers, to ensure you are getting the right product to suit your circumstances.
Fixed Rate Mortgage
This is ideal for those people who are on a tight budget and need to know exactly what they are going to repay back each month, so that they can plan their incomings and outgoings more effectively.
Variable Rate Mortgage
This type of mortgage will move up and down with the interest rate, so sometimes you will be paying less back per month, other times you might be paying more.
It is important to take some independent financial advice when signing up for this kind of mortgage to help you understand the current financial market, and make a sensible forecast for the future, as you do not want to be signing up to a variable rate mortgage just as the interest rates rise sharply, as you will end up repaying a lot more money than you may have anticipated.
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