House hunting can definitely be a daunting prospect with so many different elements to look at and consider.
One of those elements is the type of mortgage that you want. With so much choice available it can easily get confusing and make it difficult to choose the right mortgage for you!
The first step to choosing a type of mortgage is know what’s out there and what each type means.
HSBC have created two infographics to make house buying much easier! I covered the first infographic in a previous post which provides a number of steps to begin your buying journey.
The next infographic they’ve created is to showcase the various types of mortgages there are to choose from. Getting to know the types of mortgages there are is the first step to knowing which one you should choose.
Here’s a list of the different mortgage types:
- Fixed Rate Mortgage
- Standard Variable Rate
- Interest Only Mortgage
- Tracker Mortgage
- Buy to Let Mortgage
Take a look at HSBC’s infographic below to find details on each type of mortgage and the mortgage rates involved.
Once your clued up on this, it’s probably worth seeing a mortgage advisor so they can help you decide which mortgage suits you best.