Mortgages

The interest rate applied to the mortgage repayment is linked directly to the Bank of England’s base rate and will rise and fall in line with that rate.

Where a mortgage borrower also has savings, by giving up the interest on those savings he or she can reduce the amount of interest they pay on their mortgage debt.

A mortgage that pays a lump sum cash rebate of a fixed amount of money, or a percentage of the actual loan, on completion of the mortgage or shortly after.

Buy-to-let (BTL) mortgages are specifically for individuals who wish to buy residential property which they intend renting to tenants. Although a BTL mortgage is similar in a number of respects to a standard residential mortgage, there are some significant differences between the two.

For those who want to build their own home, a conventional residential mortgage is not an option. Instead, the self-builder would need to apply for a self-build mortgage. Not every lender is active in the self-build mortgage market and those that are, tend to charge a higher rate of interest for self-build mortgages.