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The Mortgage Variations

They come in many forms, and are constantly changing, as the lenders marketing departments struggle to make their products different to their competitors.

All of the different types of rates can be applied to either an interest-only or a repayment mortgage, or a mix of both. The lenders can also make them available as:

  • 100% mortgages
    Where the borrower has no deposit but just enough to pay for solicitors costs.

  • "100% plus"
    Where the borrower also wants to borrow enough to pay for solicitors.

  • Flexible
    Where the lender will allow overpayments to the mortgage account to try and finish the mortgage early.

  • Flexible with a cheque book
    Where the lender treats the mortgage like a huge overdraft facility which means that your wages get paid in each month, giving an immediate reduction in the outstanding balance (and corresponding interest due) and the cheque book allows you to draw out whenever to use for whatever purpose.
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No information on this website is intended to constitute advice. This site contains a summary of the information relating to the products and is not intended to promote any specific mortgage or insurance product or provide mortgage or insurance advice. It is for information purposes only.