Types of Mortgages

Bad Credit mortgages ( Adverse Credit mortgages ).

Bad credit mortgages are also referred to as adverse credit mortgages andare mortgages that have been created to help consumers who have a bad credit history. So those people who have CCJ’s, or a series of credit based problems will be able to apply for this type of mortgage. However, if you apply for this type of mortgage you can expect to pay higher interest rates than for other standard mortgages.

Save On Bills will search the adverse credit mortgage marketplace to find the most affordable products. Why waste time and money when you can use our unique comparison service to obtain the best mortgage solutions.

Having a poor credit history will not exclude you from obtaining a mortgage or applying for a remortgage. There are a wide range of adverse credit mortgages. Find the best deals now

With the click of a button you can compare the rates offered by the market’s leading lenders. It will only take a few minutes to complete our online application form. You will not even have to endure any credit checks. Ensuring that you keep up repayments on an adverse credit mortgage can help you to repair your credit history.

Fixed rate mortgage – Is this the best mortgage?

An increasing number of property owners have opted for a flexible mortgage. This type of mortgage is one where the interest rate is fixed during the term of the mortgage. Acquiring this mortgage can help you to calculate your household budget without having to worry about any sudden increases in your mortgage repayments. However, you should be aware that if there is a decrease in mortgage interest rates you will not benefit. Additionally, if you decide that you wish to leave or alter the terms of your fixed mortgage agreement you are likely to be faced with a financial penalty. See which mortgage suits your needs.

Flexible mortgage – Does this mortgage suit my needs?

This type of mortgage is also referred to as a variable rate mortgage. This is a mortgage that is directly linked to the UK’s loan interest rates as set by the Bank of England. To put it simply, if the loan rates increase so will your mortgage repayments and the same applies to decreases in loan rates. With a flexible mortgage you will also find that your lender may allow overpayments and payment holidays. Another plus is that you can lower your overall interest payments. If you are employed in a job where your income fluctuates this type of mortgage may be the best one for you. Once you complete our online form you will be directed to the packages that best suit your needs. There are no credit checks so find the best deals now.

Self Certification Mortgages – Understanding Self Cert mortgages.

If you find that you do not meet the criteria for a normal mortgage then you may wish to apply for a self certification mortgage. This mortgage allows you to state your income without the need for validation from an independent source. So if you are self employed or a contractor that has a steady income for some weeks but receive irregular payments at other times,this mortgage might be the one for you. Use Save On Bills to simplify your search for the most appropriate mortgage. We have the best brokers to offer you the best mortgage advice .

Make your application now! It will only take a few minutes to find the UK’s best quotes. There are no credit checks and it will only take a few minutes.

Tracker Mortgages – Understanding tracker mortgages

Tracker Mortgages are mortgages that are tied to a specific percentage that is either higher or lower than the base rate that has been set by the Bank of England. So if the base rate alters you fill find that a tracker mortgage will usually alter within one month of any rate changes announced by the Bank of England .

The appeal of tracker mortgages is that they offer lower rates than some other mortgages. Even though you might consider this mortgage to be the cheapest option you could find that your repayments increase sharply. However, you could also find that your repayments decrease by a significant amount too. If you want to see the best tracker mortgage deals use Save On Bills now.

Offset Mortgages – What are offset mortgages?

This type of mortgage is one where the interest is payable on the basis of calculating the difference between the sum of the mortgage and a second credit balance. For instance if the offset mortgage equates to £200,000 and a second credit balance had £20,000 in it, the interest will be charged against £180,000. You therefore have the ability to significantly reduce offset mortgage interest charges. You should be aware that any credit or savings that are being offset will not earn any interest.