What types of mortgages are on offer?

Mortgages on offer in the UK are many and varied. Each lender has its own unique mortgage lending criteria which can be periodically subject to change. Several rates can be offered for the same product, differing because of a slight change in terms such as a product being fee free or available only for remortgage.

With such huge variations in product types, differing mortgage criteria and terms offered, it pays to contact Deal Direct to advise on choosing the right mortgage to perfectly suit your needs.

As there are thousands of mortgages available on the market, it is essential to fully research what is available.

Lenders withdraw and re-launch products daily and therefore it is a difficult task for an individual to keep up with mortgage market changes without expert guidance.

It was once possible to source a 100% mortgage, such products were popular with first time buyers but since the credit crisis such deals are no longer offered. In general lenders restricted lending to a minimum 10 per cent deposit, only recently 5 per cent deposit deals have becoming more freely available.

First time buyers have found it difficult to climb on the property ladder in the last few years, but with schemes such as NewBuy and an increase in 95 per cent LTV deals it is hoped that this situation will improve. First time buyers also have access to shared mortgage schemes, guarantor mortgages and affordable housing schemes.

Offset mortgages allow you to combine your current account, mortgage and savings into one, you benefit from your savings reducing the interest owed on the capital. As each lender often operates offsets in a different way Deal Direct's expert advice can help you work out what is the best product for you.

Home-owners who are willing to take a gamble may be well suited to a tracker or those wanting longer term security may be better off choosing a fixed option. There are current account, shared ownership and adverse credit mortgages also on offer in the UK.

With so many different mortgage types to choose from you are recommended to contact Deal Direct, we can review your financial circumstances to work out which one of the many mortgages on offer is best suited to you.