When getting a mortgage, especially if you're a first time buyer it can seem a bit daunting, with all the jargon flying about fixed rate, changeable rate, tracker etc. It can feel confusing when trying to get a mortgage sorted coupled with the pressure and time constraints to get all the paperwork sorted for your new house it can be a pretty daunting task.
This article will hopefully give you a normal idea of what each one is and whether it suits your situation as fortunately there are many distinct types and they cater towards all eventualities. The main point to make clear is that one mortgage deal may be suitable for one someone but not for another, so it's best to look into maybe getting financial advice.
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Firstly a lot of mortgage lenders tend to offer interesting deals to get you onboard, these ordinarily last for colse to two to five years, while which you get a fixed or changeable rate, after this period ends you begin paying back at the lender's standard changeable rate. This is ordinarily 2% above the bank rate, it is at this point where some lenders allow borrowers to pay a small cost to turn providers and take advantage of more deals again. "Playing" with the theory this way ensures you can always have the best deal, assuming inertia doesn't keep you with your former lender!
