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Guide to mortgage basics

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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 80% of borrowers take professional mortgage advice – either consulting 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.


If at any point you feel the need for more in-depth mortgage advice, you can fill in the form on this website and an independent adviser will contact you to discuss your mortgage.


Mortgage types


The most popular mortgage types in the UK are 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 interest-only and 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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