Buy to let mortgage

Buy to let mortgages are for property you wish to buy and then let out for rent to third parties. It is important when evaluating the property the potential extent of maintenance and management costs as this will be paid by you from the rental income.
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Capped rate mortgage

A capped rate mortgage is in fact a variable rate mortgage with a distinct difference. A capped rate mortgage interest rate will still go up and down inline with the general interest rate but there is built in a ceiling known as the ‘capped rate’ that the interest rate levied on your capped rate mortgage will not exceed.
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Cash back feature

Some mortgage lenders will offer tempting cash back options as soon as you have completed your mortgage to help you furnish your home or decorate etc. Once completed you will receive a small percentage in the form of a cash advance cash back to you.
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Discount rate

A discounted rate type mortgage is available from some lenders and will offer you a discount on the variable rate of interest charged. This discount will only be for a limited period which is decided by the mortgage lender at the outset of the mortgage loan.
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Flexible mortgage

A flexible mortgage can allow you to make additional payments ‘top up’ payments to reduce your loan liability or you can also build up a fund of money which you can ‘draw on’ in the future.
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Interest only mortgage

As the title implies this type of mortgage means that only the interest is repaid over the term and the capital is paid off by an insurance policy which you pay the premiums every month and should realise the capital amount to settle the amount borrowed.
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Repayment mortgage

A repayment mortgage is the traditional type of mortgage which actually means you own the property guaranteed when you have completed he mortgage term provided you have paid the loan.
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Standard variable rate

A standard variable rate mortgage is the most common type of mortgage loan. This type of mortgage loan has an interest rate that fluctuates and will rise and fall broadly inline with the interests rates set by the Bank of England and inline with the economy as a whole.
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Fixed rate

A fixed rate mortgage gives you a guaranteed fixed rate of interest on your mortgage for a given period of time. This means that no matter what happens to the general interest rate the interest rate charged to your mortgage will not be affected and will neither increase nor reduce.
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