Types of Mortgages

Types of Mortgages

We’ve spent years getting to know the mortgage sector inside out. We stay up to date with the latest products, developments and legislation and scan the horizon to find out what’s in the pipeline that could impact on the market.

All of this means that we can provide access to more than 1,500 different mortgage products, to meet the individual needs of each and every client with whom we work.

When it comes to remortgaging, we can take clients through a variety of scenarios, considering how much they could save on their monthly payments by remortgaging. And for buy-to-let investors we cover everything from mortgage comparisons to tax implications.

A snapshot of our mortgage range includes the following products:

  • Standard variable mortgage – based on the lender’s basic mortgage rate. It is usually the rate that customers revert to after a fixed capped or discount period ends. This mortgage is considered the least complicated as the interest rate will typically change in response to changes in the Bank of England base rate.
  • Fixed rate – sets a guaranteed monthly payment for a predetermined period of time. Once the time period expires, your mortgage repayments switch to the mortgages lender’s standard variable rate.
  • Capped rate – it determines a maximum limit on the interest rate that has to be paid. When the capped interest period expires, it usually reverts to a variable rate.
  • Discount rate – offers a percentage discount from the lender’s normal variable rate for a period of time. While the standard variable rate fluctuates, the amount of discount will remain fixed.
  • Tracker – the rate of interest paid is tied to the base rate set by the Bank of England. Normally it is set as a percentage above the base rate and, although the resulting interest is usually lower than a mortgage lender’s standard variable rate, this will vary from lender to lender.

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With access to a wide range of mortgage products, IMC is the go-to mortgage broker for the best financial advice.

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