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Fixed-rate mortgages: With a fixed-rate mortgage, the interest rate remains the same throughout the term of the mortgage. This means that your monthly payments will also remain the same, providing you with more certainty and stability over the repayment period.

Variable rate mortgages: With a variable rate mortgage, the interest rate can change over time based on market conditions. This can result in your monthly payments changing, making it more difficult to plan your finances. However, these mortgages can sometimes offer more flexibility and potentially lower interest rates.

Tracker mortgages: A tracker mortgage is a type of variable rate mortgage that follows the Bank of England’s base rate. This means that the interest rate will change in line with the base rate, potentially resulting in lower or higher payments over time.

Discounted rate mortgages: A discounted rate mortgage offers a temporary reduction in the interest rate, typically for a period of 2-5 years. After the discount period ends, the interest rate will revert to the lender’s standard variable rate.

Offset mortgages: An offset mortgage allows you to link your savings to your mortgage account, which can reduce the amount of interest you pay. This is because the lender will deduct the amount of savings you have from the amount of the mortgage when calculating the interest.

Buy-to-let mortgages: Buy-to-let mortgages are designed for people who want to buy a property to rent out. These mortgages typically have higher interest rates and require a larger deposit than a standard residential mortgage.

Equity release mortgages: Equity release mortgages are designed for older homeowners who want to access the equity in their property without having to sell it. These mortgages allow you to borrow against the value of your home and the interest is typically added to the loan balance, meaning that you don’t need to make monthly payments.

Guarantor mortgages: A guarantor mortgage is a type of mortgage that requires a third party, usually a family member or close friend, to guarantee the loan. The guarantor is responsible for repaying the loan if the borrower is unable to do so, which can help people with limited credit history or low incomes to get approved for a mortgage.

Interest-only mortgages: With an interest-only mortgage, your monthly payments only cover the interest on the loan, and you don’t pay off any of the capital. This means that at the end of the mortgage term, you will still owe the full amount you borrowed. Interest-only mortgages can be risky, as they rely on the value of the property increasing over time to pay off the loan. They are generally only available to borrowers who can demonstrate a reliable repayment strategy, such as an investment plan or savings.