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Mortgage basics


Taking out a mortgage is probably the biggest financial undertaking you will ever make. Naturally, you will want to know which mortgage is the best one. Happily, there is plenty of choice in the UK mortgage market, but with thousands of deals on offer, identifying which mortgage is best for you can be difficult.

Around 60% of borrowers consult a financial adviser or mortgage broker who can scour the market and find out which mortgage is the most appropriate, given your financial circumstances, plans, attitude to risk and other preferences. Others arrange their mortgage via a lender's branch, over the phone or on the internet.

Whether you are a first-time buyer, remortgager, home mover, buy-to-let investor or equity release candidate, this website provides a wealth of information on the different mortgage types available, so it's a good place to start to learn about mortgages.

What mortgage types are available?
Establish which one is for you


Mortgage types


The most popular mortgage types in the UK tend to be fixed rates and tracker/discounted mortgages, and we take you through the pros and cons of these and the other mortgage types on the market.

It is also important for you to understand the difference between repayment (or capital and interest) mortgages, and what mortgage type is best for you.

What mortgage?

Regardless of what mortgage needs you have, it is important to establish upfront what mortgage type you are after, and whether you want to take it out on a repayment or an interest-only basis, as this will narrow down your search considerably. Even if you are planning to consult an adviser, it makes sense to understand the basics and have some idea of what mortgage type you want, before you meet with them.

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Photo of Paula John, Editor In Chief of Your Mortgage Magazine
With over 25 years of industry expertise, you can trust Your Mortgage to bring you breaking industry news, as well as expert tips and advice on every aspect of mortgages in the UK.
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Your Mortgage magazine

The January/February 2012 issue of Your Mortgage is on sale now. In it we feature expert predictions on what will happen to house prices, interest rates and the wider economy in 2012. We also explain the latest State help for first-time buyers, weigh up the relative merits of offset mortgages, and offer handy hints and tips on making sure you have the right home insurance in place. Plus we have all the regular features and our invaluable mortgage basics section. Get your copy now for the latest news, information and help