There is a huge range of mortgages and remortgages available and each one is slightly different. Our advisors can give you personalised advice which takes into account your own, unique circumstances.

Some of the main types of remortgage are explained below to give you some background before you discuss your needs with one of our advisors.

Tracker mortgages
As the name suggests, Tracker mortgages track the base rate, set each month by the Bank of England. Tracker mortgages often suit borrowers who are looking for the cheapest mortgage on the market, but who can also cope with paying out more each month should there be an increase caused by changes to the base rate.

Discount mortgages
Discount mortgages offer a discount off the mortgage lender’s standard variable rate for a period of time. Like tracker mortgages, discount mortgages often suit homeowners who are looking for the cheapest mortgage on the market, but who can afford any increases to their monthly payments.

Fixed rate mortgages
With fixed rate mortgages, the interest rate is the same each month for a certain amount of time before reverting to the lender’s standard variable rate. Fixed rate mortgages tend to be a favourite of anyone who requires financial security.

Capped mortgages
Capped mortgages guarantee that your monthly payments will not rise above a certain amount, but if interest rates fall significantly then your mortgage payments can drop. They often suit borrowers who can cope with minor fluctuations in their interest rate but still want to guard against a sudden rise in interest rates. Although interest rates are typically higher, for some borrowers capped mortgages provide the perfect compromise between a fixed rate mortgage and a variable rate mortgage.

Flexible mortgages
Flexible mortgages allow you to take payment holidays and make overpayments. They are particularly favoured by borrowers who have an irregular income. However, interest rates are normally higher for these privileges. It’s worth bearing in mind that some ordinary mortgages now also offer the ability to make overpayments.

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