Fixed, tracker and first-time buyer - the different types of mortgages explained
manchestereveningnews.co.ukBuying a house is the biggest financial commitment most people will make in their lifetime. Before going ahead with the purchase, it's important to understand the various different types of mortgages that are available to help you buy your home.
With house prices fluctuating and mortgage rates rising in line with interest rates, there are a range of different mortgages deals - and depending on your circumstances - some may be more affordable for you.
Experts suggest that the Bank of England may lower the base rate by 0.25 percent in June, which could save tracker mortgage holders around £300 monthly.
But a study by Barratt Homes finds that two-thirds of UK homeowners may miss out on these savings due to a lack of knowledge about mortgages. READ MORE: Phil Neville’s former Manchester penthouse is back up for sale AGAIN with £750k slashed off price The property developer surveyed 500 homeowners across the country to assess mortgage understanding, revealing which types are least familiar.
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