There are such a wide range of different mortgage deals, it's difficult to know which one to choose. Your Belmont Mortgages Adviser will discuss all the options available and help you to decide what's right for you. In the meantime, here's a quick overview of the most common mortgage types.


In a nutshell
The mortgage payments will go up and down in line with the lender's standard variable rate.

Benefits
You will pay less when interest rates are low. The rate you pay will be a fair reflection of economic conditions.

Bear in mind
Your payments will increase when interest rates are high or rise. You can't budget accurately for your mortgage payments.

In a nutshell
You opt to pay the loan at a rate of interest that's fixed for a specified time – no matter what happens to interest rates during that time.

Benefits
Fixed rates give you peace of mind to plan your finances. You will benefit if interest rates rise above your fixed rate.

Bear in mind
You will pay more if interest rates fall below the fixed rate. You are usually committed to a set term and there may be heavy penalties if you need to redeem your mortgage early. There may be an application fee.

In a nutshell
You choose a discount off the lender's standard variable rate, giving you an easier start.

Benefits
You will pay less than the lender's standard variable rate while the discount applies.

Bear in mind
There may be penalties if you redeem your mortgage within a certain period of time. Your payments still go up and down with any rate changes.

In a nutshell
This ensures your interest rate will never go above a certain rate during a specified time – but you still benefit if rates fall.

Benefits
If interest rates are low you can benefit from the savings. If they rise, you know that you will only need to pay up to the capped rate.

Bear in mind
There may be penalties if you redeem your mortgage within a certain period of time. You may be tied into the lender for a period of time. There may be an application fee.

In a nutshell
You control how you repay your mortgage – you can pay extra over a certain period, or even suspend payments for a specified time.

Benefits
You can pay extra amounts to reduce your loan, or build up a cash reserve. Making extra payments to your mortgage will help you pay off your mortgage early. When money is tight, you may be able to suspend payments for a certain period.

Bear in mind
There may be special conditions attached. You may be tied into the lender for a period of time.

In a nutshell
As an incentive, some lenders will give you a cash sum, when you take out a mortgage.

Benefits
You have a cash sum to spend as you wish, after you have completed your mortgage.

Bear in mind
There may be penalties if you redeem your mortgage within a certain period of time.

Take advantage of our comprehensive, professional mortgage service. Arrange an appointment with a Belmont Mortgage Adviser today.