Offset mortgages

A mortgage where the interest that would be due on money held in a linked savings account, is offset against the interest payable on a mortgage.

Current account mortgages

This is a fully Flexible mortgage combined with a current account. Money in the current account is automatically set against the mortgage balance and interest is only charged on the outstanding amount, meaning interest payments are reduced

Self Certification mortgage

This mortgage allows borrowers to certify their own earnings without having to supply documentation, such as wage slips. This option often suits the self-employed, seasonal wage earners, or anyone with irregular earnings such as, a contract worker or commission-based employee, or those in salaried employment with a supplementary source of income, an unsalaried company director, or varying other circumstances. A specialist mortgage lender can often be more flexible than the high street lenders with Self cert mortgages.

Poor credit mortgages

A mortgage for people who have been turned down for a mortgage before or who have a poor credit history - CCJ's, mortgage arrears, repossession, Discharged Bankruptcy.  Generally the maximum loan to value is around 70% and the rates are usually higher.

Shared ownership mortgages

This government scheme enables you to buy property jointly with a Housing Association, a housing society or a non-profit making housing company, who will pay between 25 and 75 per cent of the cost. This scheme was developed to help those who could not afford to buy a home outright, and allows you to buy a share of the property and pay a rent on the remaining share. Up to four people can become joint owners, but all joint applicants must individually and jointly meet the eligibility criteria. The share you purchase is funded by a mortgage. It is possible to buy further shares and eventually own the property.

Cashback mortgages

The borrower receives a cash lump sum on completion, or after the first monthly payment. It can be a fixed amount or a percentage of the mortgage. This can help with the extra expenses of buying a house, such as: surveys, solicitor’s fees and removal costs, and is popular with first-time buyers.

Buy to Let

Buying a property with the intention of letting it out to tenants for rent. more on Buy to Let

Commercial Mortgage

A mortgage on a non residential building occupied by a business.

Second Mortgage

This additional mortgage on a mortgaged property is also known as a secured loan. The first mortgage takes legal priority, so the second mortgage is considered more of a risk for the lender, so the rates are likely to be higher.