From customizable standard rate mortgages to more unconventional mortgages like overdraft mortgages and self-certified mortgages
1. Variable Standard Mortgage: The most common type of mortgage. Mortgage payments depend on the lender's SVR. This is usually influenced by the Bank of England's policy rate. To get more information about types of mortgage, you can visit this site – Taylor Made Lending, LLC.
2. Fixed rate mortgages: 2-4 year mortgage where interest on mortgage payments is fixed. There is a small security premium, but this prevents interest payments from becoming unaffordable.
3. Limited Mortgage: It's like a fixed rate mortgage. It determines the maximum interest rate, which may, however, fall under certain circumstances.
4. Self-Certified Mortgages: Mortgages that do not require you to prove your income through an issued account. They are often taken over by entrepreneurs.
5. Redemption Mortgage: A mortgage in which you pay interest on the loan and principal. Most mortgages are amortization loans. This means that you have paid off your mortgage debt at the end of the term.
6. Interest Only Mortgage: A mortgage in which you pay only interest on the loan and no principal. This requires a separate investment plan so that you can amortize the mortgage debt at the end of the term