There are as many mortgage types as there are individual financial situations. UK Lending can give you the help you need to find the type you need.

Fixed-rate mortgages
A fixed rate mortgage enables you to fix your mortgage at a set rate for a specified period. The main benefit being you’re able to budget for your monthly repayments giving you peace of mind.

Standard variable rate (SVR) mortgages
The SVR is a base rate a mortgage company decides upon. It is the type of rate you are most likely to revert to once your introductory period of a fixed or term tracker ends.

An SVR mortgage gives you the flexibility to overpay, clear the mortgage early or change to a new deal. However they are often more expensive and you could be paying more than the best tracker or discounted rate around. Your lender dictates your interest rate and may decide to increase or decrease it over the period of your mortgage.

Interest-only mortgages
With interest only mortgages you only pay off the interest, so the amount you owe doesn’t reduce. You will need to consider how you intend to repay the original loan sum at term.

Tracker mortgages
Tracker mortgages follow the Bank of England’s Base Rate and will rise or fall accordingly.  The choices can be ‘lifetime’ trackers for the life of the mortgage or term trackers set for two, three or possibly more years.

Buy-to-let mortgages
This is the type of mortgage you’ll need if you want to buy a property to rent out. You may need to hand over information concerning tax, letting fees, insurance and other costs to the lender before they will agree to this type of loan. Read more.

When you need UK Lending’s help

If you don’t fit the ‘run-of-the-mill’ financial profile, the chances are that high street lenders will reject your application because they may find it difficult to understand your loan request.

The days of seeing your local Bank/Building Society Manager, and making a lending decision based on your relationship with them is unfortunately over.

That’s where UK Lending’s financial expertise and connections with specialist lenders may assist.

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