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    Can anyone tell me the different types of mortgages available?
    Thanks
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    yes. google can.
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    (Original post by elpaw)
    yes. google can.
    All i wanted was a nice, short simple answer. Im really dont understand some of them
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    Fixed rate (safest)
    Variable rate (bit of a gamble)
    Intrest only (I dont understand)
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    mortgages are just basic. most have the same interest rates.

    Natwest have a offset mortgage which is coming out soon, they do something like combine your savings with your mortgage so you pay interest on a smaller amount

    i dont think there are types of mortgages. anything borrowed over 25k is usually considered a mortgage, the more you borrow the lower the interest.
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    (Original post by Homegrownkitten)
    Fixed rate (safest)
    Variable rate (bit of a gamble)
    Intrest only (I dont understand)
    Fixed rate is only safe if you get it when interest rates are low, and when rates are rising.

    Variable rate is the most common in this country.

    Interest only lets one pay off the interest each month, whilst he puts enough money in a long term investment so that hopefully, at the end of the term the investment has earned enough interest to pay back the original lended amount.

    (Original post by hornblower)

    Interest only lets one pay off the interest each month, whilst he puts enough money in a long term investment so that hopefully, at the end of the term the investment has earned enough interest to pay back the original lended amount.
    Yes. Probably is most people's endownment policies now have a shortfall due to the collapse in the stockmarket.
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    (Original post by Biggles)
    Yes. Probably is most people's endownment policies now have a shortfall due to the collapse in the stockmarket.
    Yes, that's been a problem for a lot of people.
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    Offset morgages sound quite good, put your savings in the morgage account and say you have 50 grand left on your morgage and 10k of savings then you only pay interest on 40 grand on the morage but can still get hold of the 10 grand savings if you need it. It confuses me but sounds quiet good.
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    A good financial advice site is http://www.fool.co.uk
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    (Original post by chats)
    i dont think there are types of mortgages. anything borrowed over 25k is usually considered a mortgage
    Wrong. A mortgage is a form of proprietary security whereby the creditor has an interest giving him rights of recourse against property for payment of a debt. A mortgage is where the debtor transfers the ownership of an asset to the creditor with provision for retransfer upon the payment of the debt.
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    I agree with the three above posts.
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    (Original post by muncrun)
    Wrong. A mortgage is a form of proprietary security whereby the creditor has an interest giving him rights of recourse against property for payment of a debt. A mortgage is where the debtor transfers the ownership of an asset to the creditor with provision for retransfer upon the payment of the debt.
    ok sorry

    i was just saying what i thought
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    (Original post by Vladek)
    Offset morgages sound quite good, put your savings in the morgage account and say you have 50 grand left on your morgage and 10k of savings then you only pay interest on 40 grand on the morage but can still get hold of the 10 grand savings if you need it. It confuses me but sounds quiet good.
    yeh it is the biggest thing to happen in banking for a long time.
    the only downside is while your savings are tied in with offset they are not gaining you interest, but in the long run you do save money anyway
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    (Original post by hornblower)
    Fixed rate is only safe if you get it when interest rates are low, and when rates are rising.

    Variable rate is the most common in this country.

    Interest only lets one pay off the interest each month, whilst he puts enough money in a long term investment so that hopefully, at the end of the term the investment has earned enough interest to pay back the original lended amount.
    Cool I never understood the intrest only mortgage...
    I heard that 30% of people in the UK are personally bankrupt because they couldnt keep up with the interest rate on their variable rate mortgage
 
 
 
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