What Type Of Mortgage Suits Me?

There are a number of factors to consider when choosing a mortgage product.

One of the main considerations is your attitude to interest rate changes. For example:

• A fixed rate mortgage means your monthly payments will not change for a set period of time.
• A variable rate mortgage may move up or down depending on changes to interest rates.

This means your monthly payments could increase or decrease over time.

You may wish to consider whether the certainty of fixed monthly payments for a period of time is more important to you than the flexibility of a variable rate product.

Mortgage products are typically arranged over a longer term (for example 25 years), although the interest rate applied may only be fixed for a shorter period, such as two, three or five years.

The length of time that an interest rate is applied may affect the fees payable or the flexibility to make changes to your mortgage in the future.

Lenders may offer products with different interest rates and fee structures, and it is important to consider the overall cost of borrowing rather than the interest rate alone.

Following an assessment of your individual needs and circumstances, a mortgage adviser can provide advice on mortgage products that may be suitable for your requirements.