What types of mortgages are available in the UK?

With its wide variety of options, first-time buyers may be overwhelmed with all the mortgage products available in the UK. The main two types of mortgages in the UK are fixed-rate and variable mortgages. There are also a few specialist types for different circumstances. Here is a brief overview of the UK’s most popular mortgages.

What is a mortgage & how does it work?

What is a mortgage? A mortgage is money borrowed from a lender to put towards the purchase of a property. You usually pay back the loan every month with interest over an agreed period of time.

Where can I get a mortgage in the UK?

Financial companies offer mortgages; banks and building societies lend most UK mortgages. You can get a mortgage directly from the lender; use our comparison tables to find the right one for you. Alternatively, you could find a mortgage and get advice from a mortgage broker or independent financial adviser.

How long does a mortgage last in the UK?

Once you get a mortgage, you pay back the amount you have borrowed, plus interest, in monthly instalments over a set period, usually around 25 years. Some mortgages in the UK have longer or shorter terms . The mortgage is secured against your property until you have paid it off in full.