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| Capital
Repayment |
| This is the simplest type of mortgage.
The payments you make to the lender every month
pay off both the capital and the interest from
the loan. Read
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| Interest
Only |
| For many people, interest only mortgages
are called 'endowment mortgages' or even 'pension
mortgages', but strictly speaking these names
describe an interest only mortgage plus the method
by which it is repaid. Read
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| Lifetime
Mortgages |
| Lifetime mortgages involve the taking
out of a mortgage secured against the value of
the home. There are no monthly repayments and
interest is rolled up over the life of the loan
and repaid upon leaving for long-term care or
death. Read
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| Home
Reversion Plans |
| A reversion plan involves selling
a percentage of a property to a reversion company
for a fixed amount. In some cases this is easier
to explain. Homeowners will receive a certain
amount of the value of the property sold depending
on their age. Read
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| Variable
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| A standard variable rate mortgage
has an interest rate that can move up or down
at any time, normally in line with the Bank of
England base rate changes but always at the lenders
discretion. Read
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